Mortgage Rate Update
Mortgage rates have fallen to the lowest level of 2006
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 table below contains a summary of 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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