This graph show it all. Mortgage rates are slamming downward past the historic lows already posted this past September. The fixed-rate 30 year mortgage is hovering around 5.41% and the 15 year fixed-rate mortgage is sliding south past 5.16%.
What is causing this historic rate drop? As we reported earlier this week, the Central Bank’s willingness to free up an additional $600 billion in debt for Freddie Mac and Fannie Mae.
What does this mean for the overall housing market in Nashville? It is a great initial sign for a full recovery should the economy either not slip into recession or not be in a recession. Although, I am not too sure that the country can avoid a mini recession at this point.
