Mortgage Rates Decline Again ~ Third Week!

Great news for home buyers! For the third week in a row, mortgage rates have dropped. This is good news for people shopping for new homes since rates have been rising since April 2006. At one point, the mortgage rate hit a high of 6.8%.

The average rate for a 30 year, fixed rate mortgage dropped to 6.55% this week, which is down from last week's rate of 6.63. Some econmist believe that the drop in mortgage rates is a sign that our economy may be slowing down. For individuals thinking about making the move, now may be the best opportunity to pursue the opportunity.

Home sales and the real estate market in general have slowed this year due in part to the rising mortgage rates.  Although Murfreesboro, TN has been experiencing phenominal growth with a strong real estate market, the higher end homes were seeing a slight drag in the time frame in which they were selling.  It is anticipated that the drop in the current mortgage rate will help fuel the home market once again, especially for the higher end homes. 

The increasing interest rates and rapidly rising home prices in Rutherford and Williamson Counties, were making it difficult for families and individuals trying to move up into the next price range. The lower interest rates, will allow families to make this jump and buy a more expensive home, or lower their monthly payments if they are trying to reduce their debt. Either option is a welcome change from the continued rise in rates that we have been seeing since April.

Commerce Union Mortgage in Murfreesboro quoted the following rates for this weekend:

Conventional 15 year fixed - 6.250% 0 + 0

Conventional 30 year fixed - 6.375% 0 + 0

Conventional 40 year fixed - 6.750% 0 + 0

100% Loan - 80% 1st - 6.500% 0 + 0

VA 30 year fixed - 6.375% 0 + 0

FHA 30 year fixed - 6.375% 0 + 0

To take advantage of these rates, you need to call and get locked in now! For more information, please visit my website http://www.sherriwellborn.com/ or call me on my cell 615-566-3789.