Mortgage Rates Continue to Drop for July
Posted by Laura on August 1, 2009 · 3 Comments
Mortgage rates fall for the third time in four weeks.
The 30-year fixed mortgage rate fell to 5.39% last week, down from the previous week. This is the third time in the last month that rates have continued drop. With the unemployment rate reported at 9.5% for June and forecasted to be at 10.9% by the end of the year, combined with low quarterly earnings, investors are still unsure of the market and where it’s headed. The 15-year mortgage rate is holding at 4.78%. So far, the averages continue to lower even further according to bankrate.com. Compared to last year’s figures, 30-year fixed mortgage rates were at 6.48%, a difference of more than 1%.
Adjustable rates are also following suit with 5-year ARMs down to 4.82% from 4.88% and 1-year ARMs at 4.82% down from 4.94% according to Freddie Mac.
Between historically low mortgage rates and home prices, this could become a buyer’s paradise and finding the right real estate help is essential. Please contact Sean T Shallis at The Shallis Group for a personal consultation on your buying or selling needs at 201-427-1032.
(source: money.cnn.com)
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