MORTGAGE RATES TAKE ANOTHER DIP
by John Occhi, Hemet CA REALTOR®
Real Estate, Hemet CA
Freddie Mac reported that mortgage rates dropped again this week after another decline in housing starts. According to a statement issued by Frank Nothaft, Freddie Mac vice president and chief economist, January "showed the weakest reading since August 1997, due to the abundance of homes already on the market to purchase,"
The ‘average' 30 year fixed loan now averages just 6.22% down 7 basis points from the 6.3% posted just a week earlier, according to the Freddie Mac published survey. The 15 year fixed rate mortgage saw a very similar decrease from the previous weeks 6.03% and now is reported to be at only 5.97%.
Nothaft is expecting figures next week on both new and existing home sales and economic growth for the 4th quarter of 2006 that he believes "should further provide insight into what extent the housing market is affecting the economy."
So, whenever the rates are heading down it is always a great time to buy real estate in Hemet CA or elsewhere in Riverside County or the Inland Empire. Prices are still affordable for southern California.
Now Have a Blessed Day,
John Occhi, Hemet CA REALTOR
http://www.johnocchi.com/
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