Mortgage and Real Estate Blog

The Associated Press reports that mortgage rates have declined for the first time in a month. Is it time to celebrate?

Celebration may seem like it’s in order, but I vote that we wait it out a little longer. Things tend to come in waves, ups and downs. The market even. Especially the market.

Freddie Mac reports a slippage in rates by .10 points. Down from 6.35, they were 6.45 last week on average and had been climbing for five straight weeks. These rates reflect the 30-year mortgage rates.

A year ago, rates on 30-year mortgages stood at 6.63 percent, 15-year mortgage rates averaged 6.30 percent, five-year adjustable-rate mortgages were at 6.29 percent and one-year adjustable-rate mortgages averaged 5.71 percent.

So where do the mortgage rates go from here? Hmmm … it’s anyone’s guess.

This entry was posted on Saturday, July 5th, 2008 at 10:00 am and is filed under Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.