Freddie Mac reported a modest decline in mortgage rates during the week ended August 2, with the 30-year fixed rate falling to a one-month low of 6.68% from 6.69%. Interest on 15-year fixed loans, meanwhile, dropped to 6.32% from 6.37%.
The five-year adjustable mortgage rate slipped to 6.29% from 6.30%, and the one-year ARM slid to 5.59% from 5.69%. Freddie Mac chief economist Frank Nothaft attributes the decrease in borrowing costs to an increase in investors snapping up Treasury securities as they move away from mortgage-backed bonds.
There are some very good deals in Nashville real estate at the moment. The current mortgage rates can help you leverage your position as a buyer and really negotiate some great deals!
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