Recent interest rate cuts by the Federal Reserve have resulted in lower mortgages, hopefully stimulating the housing market.
According to the Associate Press:
"Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.37 percent last week, down from 6.42 percent the previous week. After hitting a high for this year of 6.73 percent in mid-July, rates have been trending lower as the worst slump in housing in 16 years has contributed to slower economic growth and fewer worries about inflation."
Recently the the nationwide average for 30-year mortgages "dipped to 6.31 percent, the lowest level since May 17. That decline reflected in part a flight to the safety of Treasury securities in August after a bout of turbulence in credit markets."
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