PMMS or Primary Mortgage Market Survey by Freddie Mac shows that mortgage rates are continuing to fall. The rates for 15 & 30 yr. FRMs are now at their lowest level since July 2005.
30 Yr. FRMs are averaging 5.69% & are down by 18 basis points. Last year these mortgage loans were at 6.23%. Similarly, 15 Yr. FRMs are at 5.21%, which were at 5.98% one year ago.
It is also the first time in 7 years that average rate of 15 yr. frms is at a lower point compared to average rate on 1 yr. arms.
Saturday, January 26, 2008
Mortgage rates falling
