Mortgage Rates Down; Mortgage Applications Up
Friday, September 12, 2008
Mortgage Rates Down; Mortgage Applications Up
Rates on 30-year fixed-rate mortgages dropped substantially this week, falling under 6% for the first time since May in the wake of the U.S. government takeover of Fannie Mae and Freddie Mac. The national average for the 30-year fixed-rate mortgage was 5.93% for the week ending Sept. 11, down from 6.35% last week and 6.31% a year ago, according to Freddie Mac's weekly survey. The rate is down nearly 0.6 percentage points over the past four weeks. “This means that the monthly principal and interest payment on a new $200,000 loan is over $76 lower than a month ago.”
-- “Rates on Fixed-Term Mortgages Tumble,” by Amy Hoak, MarketWatch, Sept. 11, 2008
Rates on 30-year fixed-rate mortgages dropped substantially this week, falling under 6% for the first time since May in the wake of the U.S. government takeover of Fannie Mae and Freddie Mac. The national average for the 30-year fixed-rate mortgage was 5.93% for the week ending Sept. 11, down from 6.35% last week and 6.31% a year ago, according to Freddie Mac's weekly survey. The rate is down nearly 0.6 percentage points over the past four weeks. “This means that the monthly principal and interest payment on a new $200,000 loan is over $76 lower than a month ago.”
-- “Rates on Fixed-Term Mortgages Tumble,” by Amy Hoak, MarketWatch, Sept. 11, 2008
