30-Year Mortgages Hit Lowest Rates Since 2005

Attention, homebuyers!  According to the Baltimore Sun, long-term mortgage rates remain in a downward pattern, registering the third consecutive week of decline.

Freddie Mac currently lists the average interest on 30-year fixed loans at 5.69 percent—the lowest level since July 2005. Other rate declines include:

• 15-year fixed mortgages dropped to 5.21 percent from 5.43 percent a week ago.
• 5-year adjustable-rate average decreased to 5.4 percent from 5.63 percent.
• 1-year ARMs fell to 5.26 percent from 5.37 percent..

Observers generally agree that borrowing costs will remain at or near 6 percent for 2008 unless a U.S. recession surfaces—in which case they expect rates to decline further. 

This news makes it a great time to consider buying a home in Huntsville AL.  To learn more about Huntsville AL real estate, please call me at 256-508-0211 or visit MoveToHuntsville.com.  You may also begin searching for Huntsville real estate and homes for sale!