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 August 06, 2007

Home Buyers Get Good News
Mortgage rates reported a modest decline for week ending August 4. The average rate on a 30-year fixed mortgage dropped to one month low from 6.69% to 6.68%. Figures reported by Freddie Mac.
Interest rates on 15 year fixed rate loans fell from 6.37% down to 6.32%.

Rates on 5-year ARMs fell from 6.30% to 6.29%. One year ARMs dropped from 5.69% to 5.59%.

Chief Economist with Feddie Mac, Frank Nothaft states that the recent decrease in borrowing costs are mainly attributed to the snapping up of Treasury securities by investors as they choose to move away from bonds that are mortgage-backed.

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