Real Estate 30-Year Mortgages Falling

“Interest rates for 30-year fixed-rate mortgages currently are below the monthly averages set in November and December of 2005,” Frank Nothft Chief Economist for Mortgage Giant Freddie Mac. On Thursday it's weekly survey that rates on 30-year, it's fixed rate mortgages falls to 6.21 percent for the week that ends on Jan. 6. That was 0.01 percent down from last week's rate of 6.22 percentand probably the lowest since last year. Nohaft said that “Financial markets paused this week, trying to decipher the December minutes ... which seemed to hint that the Fed might slow the pace of rate hikes in 2006. As a result, mortgage rates were little changed this week,” Home sales are currently slowing, although they were expected to come up later as the year progresses. Results for last years record will be released this month so no problem for home sales to rush. 5.77 percent was the average of 30-year mortgages last year,15-year mortgages has 5.21, while 1-year ARMS were at steady 4.10 percent and 5-year ARMS faired at 5.03 percent. “Today ARMS account for about 30 percent of new loans. We forecast that share to fall to around 25 percent by the end of 2006,” Nothaft concluded. ARM lending is expected to have a slow start as Nothaft projected. By Jayron Magcale Turks.US Miami Real Estate Sarasota Real Estate

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