July
2007
Cnn.com
(Business)
Mortgage rates back off again
Rates on 30-year fixed-rate mortgages fall to 6.67 percent in the past week after spiking two weeks ago.
June 28 2007: 11:04 AM EDT
The rate on a 15-year loan averaged 6.34 percent, down from 6.37 percent a week ago. A year ago, the 15-year rate averaged 6.43 percent.
Five-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 6.30 percent this week, down from 6.31 percent last week. A year ago, the 5-year ARM averaged 6.39 percent.
One-year Treasury-indexed ARMs averaged 5.65 percent this week, down from 5.66 percent last week. At this time last year, they averaged 5.82 percent.
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At this point just be happy that rates are not rising… Rates (in general) still remain at highest point(s) in almost 12 months – forecasts for a market turnaround look dim. It is a buyers market out there – Because Buyers have less spending power and less want or ability to ‘trade up’ and or move out of their current situation the market has slowed – less transactions and more inventory = buyers ability to negotiate price
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