During the week ended Oct. 25, the 30-year fixed mortgage rate fell to 6.33% from 6.40% the prior week, according to Freddie Mac. Interest on 15-year fixed loans dropped to 5.99% from 6.08% over the same period. Meanwhile, interest on one-year adjustable-rate mortgages slipped to 5.66% from 5.76%; and the five-year hybrid ARM registered a decline to 6.03% from 6.11%. Freddie Mac chief economist Frank Nothaft attributed the lower rates to concerns about an economic slowdown and uncertainty about the impact of the housing downturn on the economy.
We still believe that there will be a quarter point basis drop coming within the next week or so. Look for Nashville mortgage rates to continue dropping all the way through the presidential election in 2008. Be sure to check out our Nashville commercial property if you are considering investing in our area. Our commercial brokerage is second to only our residential brokerage!
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