Monday, October 29, 2007
Mortgage Rate Updates*
Current national average market rates with 0 points:
(interest rates based on nation's leading survey of mortgage pricing, these are not Coldwell Banker interest rates which are usually lower)
30-year fixed 6.57%
5/1 ARM 6.22%
Commentary
Mortgage interest rates fell more significantly last week, as disappointing economic news sparked renewed anticipation of additional Fed rate cuts.
Housing market news continues to disappoint with Existing Home Sales off 8%, home prices dropping and inventories rising. Orders for Durable Goods were off slightly last week, although employment figures held steady, consumer confidence is beginning to wane
All eyes and ears will be on the Fed this week, looking for additional short term interest rate cuts to stimulate borrowing and economic growth.
Stay tuned.
ANNE GREENE
Mortgage Advisor
(973) 694-4204 OFFICE
(973) 865-6401 CELL
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