Daily Real Estate News | January 11, 2008
Mortgage Rates Continue to Drop This Week
Freddie Mac reports a drop in the 30-year fixed mortgage rate from 6.07 percent to 5.87 percent during the week ended Jan. 10, in response to a recent government report revealing a boost in the unemployment rate to 5 percent in December from 4.7 percent in November.
The 15-year fixed mortgage rate fell to 5.43 percent from 5.68 percent over the same period.
Meanwhile, the five-year adjustable mortgage rate sank to 5.63 percent from 5.78 percent; and the one-year ARM dropped to 5.37 percent from 5.47 percent.
Freddie Mac chief economist Frank Nothaft notes that the more than quarter-point decline in mortgage rates in recent weeks has bolstered refinancing requests.
Source: San Jose Mercury News (Calif.), Martin Crutsinger (01/11/08)