30-Year Mortgage Rates Fall to 4-Year Low

Daily Real Estate News January 25, 2008
Housing industry observers are hopeful that the recent decline in mortgage rates will lead to a recovery in the market. Freddie Mac reports that interest on 30-year, fixed loans fell for the fourth straight week, landing at their lowest level in nearly four years. Economists say mortgage rates averaged 5.48 percent for the week ended Jan. 24 -- down from 5.69 percent a week ago -- because of the latest reports about the economy and because the Federal Reserve made its biggest cut in 20 years to a key interest rate. Freddie Mac also reports that rates on 15-year mortgages declined to 4.95 percent from 5.21 percent, rates on five-year adjustable-rate mortgages dropped to 5.13 percent from 5.4 percent, and rates on one-year ARMs slipped to 4.99 percent from 5.26 percent. Source: Baltimore Sun (01/25/08) © Copyright 2008 Information Inc.

Reprinted from Realtor Magazine Online, The Weekly Real Estate News, December 2007, with permission of the NATIONAL ASSOCIATION OF REALTORS. All rights reserved. http://www.realtor.org/realtormag