Freddie Mac reports a slight jump in the 30-year fixed mortgage rate to 6.37% during the week ended July 10 from 6.35% the prior week. The five-year adjustable mortgage rate also moved up, climbing to 5.82% from 5.78%. However, the 15-year fixed rate fell to 5.91% from 5.92%; and the one-year ARM was unchanged at 5.17%.
Freddie Mac chief economist Frank Nothaft notes a higher-than-anticipated decline in the National Association of Realtors’ pending home index. We believe that this trend will continue nationally and will really begin to affect Nashville real estate by early 2009.
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