Today the mortgage rates came down after a two year high earlier this week which means the economy is cooling down. The average rate on 30-year fixed rate loans dropped to 6.72 for the week ending July 27th when last week is was 6.80. A year ago it averaged 5.77 percent. Freddie Mac stated the 15-year rate slipped to an average of 6.34 percent from 6.41 percent. A year ago the 15-year rate averaged 5.34. It is amazing what a difference sometimes a day makes let alone a year. When you are in the market for a house, they saying “snooze you lose” can really be crucial. That is one reason is very important to have all your facts before you make a decision. To read the entire article go to http://money.cnn.com/2006/07/27/real_estate/mortgage_rates/index.htm?section=money_latest.
