The 30-year fixed mortgage rate fell to a more than two-year low in the week ended Nov. 29, slipping to 6.1% from 6.2% the prior week. Freddie Mac further reported that the 15-year fixed loan rate fell to 5.73% from 5.83% over that same time span, and that interest on five-year adjustable-rate mortgages dipped to 5.86% from 5.88%. Meanwhile, the one-year ARM bumped up to 5.43% from 5.42%. Freddie Mac chief economist Frank Nothaft attributed the decline in Nashville mortgage rates to worries about an economic downturn tied to the weak housing and credit markets, which has pushed down interest rates on U.S. Treasuries.
If you are considering purchasing an investment property in Nashville, now is the time to get off the fence! With the NAR predicting 5.8% to 12.2% appreciation in 2008, mortgage rates at 2005 levels, and the ability to shake nervous buyers down, there has not been a better time in more than 22 months. In addition to residential investments, we offer many “off market” commercial real estate opportunities in Nashville.
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