Mortgage rates hit low as economic worries mount
January 18th, 2008, 10:59 am · Post a Comment · posted by mistywilliams
Mortgage interest rates hit the lowest point since July 2005 this week with the average conforming 30-year fixed rate mortgage falling to 5.75 percent, according to Bankrate.com. Less than six months ago, that 30-year fixed rate was 6.75 percent.
Rates declined in recent weeks as fears of a national recession persisted, marking the largest three-week drop since February 1988.
That’s positive news for potential home buyers, but tighter credit guidelines are still making it tough for many to qualify for financing.
