Freddie Mac reports that the 30-year fixed mortgage rate held steady at 6.52% during the week ended August 14. However, rates on 15-year fixed loans fell slightly to 6.07% from the prior week. Meanwhile, the five-year adjustable mortgage rate dipped to 6.05%, and the one-year ARM dropped to 5.18%.
In our humble opinion, these rates are not unattractive, but they are certainly not appealing enough to spur unexpected home purchases in Nashville. We look for the housing market to continue to slip over the next 6-9 months until a national recovery plan is actionable. Our friends at Cumberland Commercial are also telling us that there may be a commercial real estate bubble poised to burst in 2009.
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