Mortgage Rates Decline AGAIN!

Great news for home buyers! For the third week in a row, mortgage rates have dropped. This is good news for people shopping for new homes since rates have been rising since April 2006. At one point, the mortgage rate hit a high of 6.8%.

The average rate for a 30 year, fixed rate mortgage dropped to 6.55% this week, which is down from last week’s rate of 6.63. Some econmist believe that the drop in mortgage rates is a sign that our economy may be slowing down. For individuals thinking about making the move, now may be the best opportunity to pursue the opportunity.

Home sales have slowed this year due in part to the rising mortgage rates. It is anticipated that the drop in the current mortgage rate will help fuel the home market once again. With the prior increase in interest rate, coupled with the increase in housing prices, it became difficult for families and individuals to afford purchasing a new home. Especially if they were trying to move-up in price and buy a larger home. The new lower interest rates, will allow families to buy more home, or lower their monthly payments. Either option is a welcome change from the continued rise in rates that we have been seeing since April.

Commerce Union Mortgage in Murfreesboro quoted the following rates for this weekend:

Conventional 15 year fixed – 6.250% 0 + 0

Conventional 30 year fixed – 6.375% 0 + 0

Conventional 40 year fixed – 6.750% 0 + 0

100% Loan – 80% 1st – 6.500% 0 + 0

VA 30 year fixed – 6.375% 0 + 0

FHA 30 year fixed – 6.375% 0 + 0

To take advantage of these rates, you need to call and get locked in now! For more information, please visit my website www.SherriWellborn.com or call me on my cell 615-566-3789.