30-Year Mortgages Hit Lowest Rates Since 2005
Daily Real Estate News | January 18, 2008 30-Year Mortgages Hit Lowest Rates Since 2005 Long-term mortgage rates remain in a downward pattern, registering the third consecutive week of decline.
According to Freddie Mac's numbers, average interest on 30-year fixed loans settled the week at 5.69 percent—the lowest level since July 2005. Other rate declines include:
- 15-year fixed mortgages slipped to 5.21 percent from 5.43 percent a week ago.
- 5-year adjustable-rate average retreated to 5.4 percent from 5.63 percent.
- 1-year ARMs fell to 5.26 percent from 5.37 percent..
Observers generally agree that borrowing costs will remain at or near 6 percent for 2008 unless a U.S. recession surfaces—in which case they expect rates to decline further. Source: Baltimore Sun (01/18/08)