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Mortgage Interest Rates Drop Again
March 3rd, 2006Mortgage Interest rates are down again this week for the second week in a row. This is according to a survey of one national mortgage lender.
Freddie Mac stated that mortgage interest rates for a traditional, fixed rate, 30 year mortgage are down to 6.24% this week from 6.26% last week. The highest this rate has reached in 2006 so far is 6.28% in February. Most industry analysts believe the Federal Reserve has finished dinking with interest rates for the remainder of the year.
Freddie Mac is predicting mortgage interest rates to remain near six percent for the remainder of 2006.
Mortgage interest rates for 15 year, fixed rate mortgages remained unchanged at 5.89%. The 15 year fixed mortgage is a popular choice for homeowners looking to refinance their current mortgage. One year adjustable rate mortgages (ARM) are up slightly this week to 5.34%. Last week the one year ARM was 5.32%.
Hybrid adjustable rate mortgage loans are up slightly to 5.97% this week from 5.96% the previous week.
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