Mortgage rates moved south last week, reaching their lowest point in five weeks, according to Freddie Mac’s nationwide survey. The company reported a drop in the average interest on a 30-year fixed loan to 6.04% from 6.46% last week and a slide in the 15-year fixed rate to 5.72% from 6.14%. Interest on adjustable-rate mortgages slipped to 6.06% from 6.14% for five-year ARMs but bumped up to 5.23% from 5.16% for one-year ARMs.
We do not believe that this is a permanent drop by any means. There is way too much market volatility and the credit markets still have not sorted themselves out. Remarkable Homes believes that mortgage rates will rise again next week as 3rd Quarter reports report sharp loses in the retail sector.
If you are a seller in Nashville, we still advocate leasing your home for the short run with a top notch property management company.