Last week, Freddie Mac released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 6.20% with an average 0.5 point for the week ending November 21, 2007, down from the prior week when it averaged 6.24%. Last year at this time, the 30-year fixed-rate Nashville mortgages averaged 6.18%. The 30-year FRM has not been lower since the week ending May 10, 2007, when it averaged 6.15%. The 15-year FRM averaged 5.83% with an average 0.5 point, down from the previous week when it averaged 5.88%. A year ago, the 15-year FRM averaged 5.91%. The 15-year FRM has not been lower since the week ending February 2, 2006, when it averaged 5.81%.
“Both the producer price index and the consumer price index remained contained in October while industrial production fell,” said Frank Nothaft, Freddie Mac vice president and chief economist. “This allowed interest rates for the 30-year FRM to decline to the lowest levels since early May 2007 and the 15-year FRM to fall to a level not experienced since early last year.”
The current condition of the Nashville real estate market really lends itself to those who are willing to take small risks. We have been able to find several sellers who are nervous enough to sell way below the true market value allowing our clients to make a handsome profit. Don’t forget that mortgage rates are very low right now, in fact, they are quickly heading down to 2005 levels! We are currently offering special rates for 30 year mortgages in The Viridian and The Encore in downtown Nashville.
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