Mortgage Rates Remain Flat

Freddie Mac says Nashville mortgage rates barely budged last week due to conflicting economic reports, with robust retail sales in September offset by a disappointing outcome in consumer confidence this month. The 30-year fixed mortgage rate held steady at 6.31%, while interest on 15-year fixed loans rose to 6.08% from 6.06%. The 1 year adjustable mortgage rate climbed to 5.76% from 5.73%, and the five-year ARM slipped to 6.11% from 6.12%.

With the impending rate drops from the Fed, it appears that we might see rates dip in the upper 5% range by the beginning of the year. While the Nashville new construction market seems to be slipping, Nashville rental rates remain very high allowing you to purchase as an investment property for the next few years.

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