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30-Year Mortgage Rates Dip for Fourth Straight Week

By Justin Nickelsen

Home Inspector with NICKELSEN HOME INSPECTIONS - Vancouver WA Home Inspector

August 18, 2006 09:22 AM

30-year mortgage rates dropped again this week, for the fourth straight week in a row. Freddie Mac said that mortgage rates dropped from 6.52 from 6.55% in the last week, the lowest rate since April (6.49%).

Rates on 15-year fixed-rate mortgages averaged 6.20 percent this week and were unchanged from the week before.

In the last few months morgage rates have been on a rise, hitting a four-year high of 6.80 percent in July.

One year ago, interest rates were 5.80%.

Justin Nickelsen, Vancouver Washington

(Fact Source: The Columbian, Vancouver Washington, 8.18.2006, E1)

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Timothy Butterworth

Taking a break - Portland, OR

Do you feel that the rates will start taking a climb agian by the end of the year and the deep is more short term?

Aug 19, 2006 07:10 AM

Justin Nickelsen

NICKELSEN HOME INSPECTIONS - Vancouver WA Home Inspector - Vancouver, WA

CMI - (p 360.907.9648), Vancouver/Portland/WA/OR Home Inspector

I think they will start to climb again, personally. What people need to be reminded of is the fact that 7%-10% is still low compared to how high it has been in this country. Think of the early 80's. When my parents bought their first house it was over 16%. Papers don't do a good job of comparing the past with the present. Unfortunately.

But, I think that even if it continues to climb, I think that in the next many years it will fall again. People should be educated to know that they can refinance at the time to lock in a lower interest rate.

Justin

Aug 20, 2006 10:39 AM

30-Year Mortgage Rates Dip for Fourth Straight Week

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