30-Year Mortgages Hit Lowest Rates Since 2005
Friday, January 25, 2008
As you have probably seen in the news this week, the Fed has recently cut interest rates again, bringing rates to the lowest they have been since 2005.
Here is my advice about why this is a great time to take advantage of these low rates if you are considering buying a home:
Freddie Mac currently lists the average interest on 30-year fixed loans at 5.69 percent—the lowest level since July 2005. Other rate declines include:
- 15-year fixed mortgages dropped to 5.21 percent from 5.43 percent a week ago.
- 5-year adjustable-rate average decreased to 5.4 percent from 5.63 percent.
- 1-year ARMs fell to 5.26 percent from 5.37 percent..
Observers generally agree that borrowing costs will remain at or near 6 percent for 2008 unless a
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Recently we learned that the Fed had cut its federal funds rate once again to 4.5%.
