Freddie Mac reports a small rise in the 30-year fixed mortgage rate to 6.10% during the week ended Oct. 2 from 6.09% the prior week. The 15-year fixed mortgage rate nudged up to 5.78% from 5.77%. However, the five-year adjustable mortgage rate slipped to 6.00% from 6.02%; and the one-year ARM dropped to 5.12% from 5.16%. The report shows that the 30- and 15-year mortgage rates are down substantially from the same time in 2007, when they averaged 6.37% and 6.03%, respectively.
These year over year lower mortgage rates are not and will not translate into more sales. Fear is driving this market and will continue to do so until the world credit crisis is solved or forgotten. Experts from the Royce Media Group point to the lack of regulation and fundamental understanding of world markets. The group is also predicting a high instance of real estate auction.
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