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Mortgage Interest Rates Drop Again Lowest In Two Months
December 29th, 2005Mortgage interest rates dropped again this week on positive news regarding inflation and the housing market.
This interest rate for a 30 year fixed mortgage this week fell to 6.22% according to a survey of national mortgage lenders. This time last year a 30 year fixed rate mortgage averaged 5.81%.
Mortgage interest rates for 15 year fixed mortgages dropped to 5.76%. This is down from 5.79% the week before; this 15 year fixed mortgage was 5.23% this time last year.
Adjustable interest rate mortgages (ARM) with a five year term are running 5.79% this week; this is down from 5.82% last week. As for one year ARMs they are currently at 5.15%; last week one year ARMs were 5.22%. This time last year a one year adjustable interest rate mortgage was 4.19%.
According to one national lender the drop in interest rates is attributed to reduced inflationary pressure coupled with a slowdown in the housing market attributed to holidays.
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