Mortgage Rates Drop

According to Freddie Mac mortgage rates on a 30-year fixed rate mortgage lowered last week. The average 30 year fixed rate mortgage was going for 6.37 percent vs. 6.42 percent from the week before.

It’s almost as low as it was last year when you compare the same time a 30 year fixed rate mortgage was going for 6.3 percent.

On other types of mortgages a 15 year fixed rate dropped from 6.03 percent from 6.09 percent the week before. A five year hybrid adjustable rate mortgage went from 6.11 percent from 6.15 percent. Lastly the one year treasury index adjustable rate mortgage lowered to 5.58 percent from 5.6 percent.

Freddie Mac’s chief economist Frank Nothaft went on to say that “New home sales in August fell to the slowest pace in more than seven years and the median sales price had the largest twelve-month decline since 1970″