Mortgage Rates Still on Decline

\r\nHomeowners, buyers and mortgage professionals alike are breathing a sigh of relief. For the second straight meeting, the Federal Reserve has chosen not to raise rates, allowing mortgage rates to drop once again. The national average for a 30-year fixed rate mortgage dropped to 6.40% this week, down from 6.43% last week. The break is welcome to homeowners looking to refinance, as well as mortgage and real estate professionals, hoping that business will once again be on the rise.\r\n

Though the current rates are still much higher than the same time last year, the drop is a relief from June and July, when the average fixed rate mortgage topped off at 6.80%. Other mortgage products, including 15-year fixed rate mortgages and ARMs, also saw a drop in rates this week. The Fed made the decision to hold rates due to a lagging economy and still-low numbers in the mortgage and real estate arena. The hope is that a decrease in mortgage rates will spur homeowners and buyers, stabilizing the economy.\r\n