The 30-year fixed mortgage rate declined for the third consecutive week to 6.35% during the week ended September 4 from 6.40% the prior week, according to Freddie Mac. The 15-year fixed mortgage rate slipped to 5.90% from 5.93% over the same period. Meanwhile, the five-year adjustable mortgage rate dropped to 5.97% from 6.03%; and the one-year ARM fell to 5.15% from 5.33%.
This particular mortgage rate slide could continue for a few weeks as the US Government gets a handle on the Freddie and Fannie issue. This could bode extremely well for Nashville real estate investors should these declines continue.
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