Mortgage Rates Decline For Six Weeks

\r\nOnce again, mortgage rates have seen a slight decrease form last weeks rates, the sixth straight decline for the mortgage industry. The average rate for a 30 year fixed mortgage fell to 6.52, down from a little over 6.55 last week; the introductory rate of an ARM went down to just under 5.00. Most other rates (fixed term ARMs or interest only options) have either fallen or remained the same with no products on the rise as yet.\r\n

The continuing adjustment to mortgage rates comes on the heels of the Federal Reserve taking no action to raise rates at their last meeting, and the hope that they will maintain the current rates, or even lower them, at their next meeting. Wholesale prices also fell last month, to many a surprised party, as well as a noticeable drop in consumer inflation. Rates are at their lowest since April of this year; if the Fed maintains their rates or lowers them, mortgage rates could drop to a record low over the next month or two.\r\n