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Mortgage Interest Rates Slip Lower
August 31st, 2006Mortgage Interest rates dropped again this week for the sixth consecutive time. This latest decline returns mortgage interest rates to their lowest levels since April of this year. The Federal Reserve started the decline by stopping their stair-stepper increases of short-term interest rates. Mortgage industry experts attribute the decline to the cooling housing market and consumer confidence in the economy.
Mortgage interest rates for a 30 year fixed rate loan average 6.44 percent this week, down from 6.48 percent last week. This is the lowest a 30 year mortgage has averaged since the 6th of April. One year ago a 30 year fixed rate mortgage averaged 5.71 percent.
Mortgage interest rates for a 15 year fixed interest rate mortgage are also down this week to 6.14 percent. This mortgage is at the lowest level since the 6th of April and averaged 5.32 percent this time last year. A five year hybrid Adjustable Rate Mortgage averages 6.11 percent this week, down from 6.14 percent last week. One year Adjustable Rate Mortgages currently average 5.59 percent; down from 5.6 percent last week.
You can learn more about your mortgage options by registering for our free mortgage guidebook: “Five Things You Need to Know About Your Mortgage.”
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