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Mortgage Interest Rates Drop Again

For the second consecutive week mortgage interest rates are on the decline. According to a survey of one national mortgage lender interest rates for fixed-rate 30 year mortgage loans fell this week to 6.26%. This mortgage rate is down from 6.30% the previous week.

Mortgage interest rates for fixed 30 year loans were at a 24 month high just before Thanksgiving; however, rates are declining slightly throughout the holidays. This declining trend in interest rates provides some optimism for mortgage interest rates in 2006.

Interest rates for 15 year fixed mortgage loans dropped to 5.79% this week. Fixed rate 15 year loans were 5.85% last week. Hybrid adjustable rate mortgage loans (ARM) bucked the trend this week and are up to 5.82%. One year hybrid ARMs were 5.77% last week.

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