After four weeks in an upward trajectory, Freddie Mac reports that long-term mortgage rates are falling again. The average interest on a 30-year fixed loan settled at 5.98% this past week, down 0.03% from the prior week. Rates on 15-year fixed mortgages, meanwhile, slipped 0.5% for the week to an average of 5.55%. Borrowing costs drifted slightly higher, however, on adjustable-rate products. Five-year ARMs bumped up 0.04% to 5.61 percent, while one-year ARMs moved up 0.06% to 5.24%. Nashville has certainly seen a slower market this year and retreating mortgage rated are a welcomed relief. We are expecting this mortgage rate decrease to continue through the end of the year.
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