Interest Rates Falling Again

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After jumping to new highs in early February, the latest report from Freddie Mac shows mortgage rates have now dropped for the third straight week.

According to the mortgage giant's weekly survey, the average interest rate for a 30-year fixed-rate loan fell to 4.87 percent from the previous week's average of 4.95 percent. The rates for 15-year FRMs and both standard adjustable-rate loan products also fell, making properties more affordable for buyers.

"Interest rates for 30-year fixed mortgages were almost 0.2 percentage points below this year's high set just three weeks ago. This means that homebuyers could now expect to pay $263 less per year on a $200,000 loan," said Freddie Mac chief economist and vice president Frank Nothaft. "However, housing demand still remains weak."

Nothaft noted that the National Association of Realtors' pending home sales index had slipped in each of the last two months.

Those looking at properties can also take advantage of the current real estate market's low prices. According to the recent Case-Shiller home price index, home values had fallen 1 percent in December from the previous month. 
Published 07 March 11 02:39 by Matt Mason

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