Nashville Mortgage Rates Remain Low

Freddie Mac reported a small jump in the 30-year fixed mortgage rate to 6.34% on Friday from 6.31% a week earlier, which is still less than the year-earlier rate of 6.40%. Meanwhile, the one-year adjustable mortgage rate dropped slightly to 5.65% from 5.66% over the same period. Freddie Mac chief economist Frank Nothaft expects the Federal Reserve’s decision to cut the federal-funds rate to 4.75% to “dissipate some of the volatility in short-term interest rates.”

The Nashville Remarkable Homes Team agrees and we further believe that the strong Nashville economy will continue to buck the national trends. Our home values continue to rise slightly and lenders continue to process loans for our financially resilient city.

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Nashville Mortgage Rates Remain Low

Freddie Mac reported a small jump in the 30-year fixed mortgage rate to 6.34% on Friday from 6.31% a week earlier, which is still less than the year-earlier rate of 6.40%. Meanwhile, the one-year adjustable mortgage rate dropped slightly to 5.65% from 5.66% over the same period. Freddie Mac chief economist Frank Nothaft expects the Federal Reserve’s decision to cut the federal-funds rate to 4.75% to “dissipate some of the volatility in short-term interest rates.”

The Nashville Remarkable Homes Team agrees and we further believe that the strong Nashville economy will continue to buck the national trends. Our home values continue to rise slightly and lenders continue to process loans for our financially resilient city.

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Mortgage Rates Fairly Stable, Still Low

Freddie Mac reports a slight gain in the 30-year fixed mortgage rate to 6.46% during the week ended Sept. 6 from 6.45% the prior week. The 15-year fixed mortgage rate climbed to 6.15% from 6.12% over the same time span. Meanwhile, the five-year hybrid adjustable rate dropped to 6.32% from 6.35%, and the one-year adjustable rate dipped to 5.74% from 5.84%. Freddie Mac chief economist Frank Nothaft says mortgage rates barely budged because “the most recent economic news showed smaller increases than had been expected.” This stabilized financial market has helped the Nashville real estate market turn out of the correction phase and back into a larger appreciating market.

It appears that the credit market will take another couple of months to work itself out. The Fed is expected to cut the Prime Rate by 0.25 basis points at their next meeting and most economists agree that a second 0.25 cut will take place before the end of 2007. If you have good credit, now is the time to buy that dream home in Nashville. You can really work nervous sellers over and secure a phenomenal deal!

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Mortgage Rates Fairly Stable, Still Low

Freddie Mac reports a slight gain in the 30-year fixed mortgage rate to 6.46% during the week ended Sept. 6 from 6.45% the prior week. The 15-year fixed mortgage rate climbed to 6.15% from 6.12% over the same time span. Meanwhile, the five-year hybrid adjustable rate dropped to 6.32% from 6.35%, and the one-year adjustable rate dipped to 5.74% from 5.84%. Freddie Mac chief economist Frank Nothaft says mortgage rates barely budged because “the most recent economic news showed smaller increases than had been expected.” This stabilized financial market has helped the Nashville real estate market turn out of the correction phase and back into a larger appreciating market.

It appears that the credit market will take another couple of months to work itself out. The Fed is expected to cut the Prime Rate by 0.25 basis points at their next meeting and most economists agree that a second 0.25 cut will take place before the end of 2007. If you have good credit, now is the time to buy that dream home in Nashville. You can really work nervous sellers over and secure a phenomenal deal!

If you enjoyed this post, you will also like:
The Costs of Closing Real Estate in Tennessee
Home Sales for Nashville, TN – December 2008
How Will Subprime Loans Affect Nashville?

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