Spurred in part by unexpectedly weak economic data that could signal an impending recession, borrowing costs on long and short-term home loans dipped during the past week. Freddie Mac’s statistics show a decline in interest on 30-year fixed loans to 6.07% from 6.17% last week, while 15-year fixed rates slid to 5.68% from 5.79%. Adjustable-rate mortgages also registered lower interest, with five-year loans settling at 5.78% compared to 5.90% a week earlier and one-year products coming in at 5.47% for the week, down from 5.53% the week before. We believe that rates will continue to slip into the mid five percent range by early Spring. This will cause some home owners to consider auctioning their property just to get in front of the potential storm.
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