Mortgage Rates Remain Low
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.27% in December, down from 6.33% in November; the rate was 5.75% in December 2004. Last week, Freddie Mac reported the 30-year fixed rate was down to 6.10%.
According to the National Association Of Realtors mortgage interest rates have been trending down from a peak in November, and are lower than expected – if lower interest rates are sustained, the housing market could see some unexpected lift.