Mortgage Rate Update
Mortgage rates continue to fall in response to the softening housing market and a weak manufacturing sector. A Freddie Mac survey, released on December 6th, reported that mortgage rates fell for the sixth week in a row to once of the lowest levels of the year. According to the survey, the average 30-year fixed mortgage rate decreased to 6.11 percent, which is the lowest since January 19, 2006. The summary below contains local mortgage rates.
Conventional Programs
30 Year Fixed
5.625%
30 Year Fixed I/O
5.750%
40 Year Fixed
5.750%
15 Year Fixed
5.500%
3/1 ARM
5.375%
5/1 ARM I/O
5.500%
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