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Interest Rates Fall for a 2nd Straight Week, Firmly Below 5%
Interest rates drop for the second week in a row and remain firmly below 5%.
In what has become a rare treat, interest rates have dropped for a second consecutive week, which has only happened two other times over the previous six month period. As of this morning the average overnight rate, as reported by Bankrate.com, for a 30 year fixed rate sits at 4.87% down another 6 basis points from the 4.93% we were at one week ago today. Remember this is the average overnight rate and those with good credit will still be able to lock in rates below these averages. This week we have changed our chart to track interest rate changes going back 6 months so we hope you enjoy the new look.
The benchmark 15 year fixed rate also decreased last week to 4.16% from 4.23% while the benchmark 5/1 adjustable rate mortgage moved to the downside to 3.56% from 3.62% the previous week.
Some experts are pointing to the unrest in the Middle East has caused investors to seek more conservative investments which has put the downward pressure on rates. This can work in another direction as well as oil prices ... more
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