More Good News Relating to Current Mortgage Rates

According to Freddie Mac, mortgage rates on ea 30 year fixed rate mortgage dropped slightly this week. Get updated mortgage news and updates here, or call The Ashton Group today for more info.

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More Good News Relating to Current Mortgage Rates

Posted by Gary Ashton: Blog on Saturday, October 31st, 2015 at 9:38am.

Nashville Real Estate

Although many industry experts predicted mortgage rates would eventually rise before years end, long-term borrowing is still showing no signs of an immediate increase, as mortgage rates actually inched slightly lower than previous levels earlier in the week.

According to reports, Freddic Mac is saying the average rate on a 30-year fixed rate mortgage dropped to 3.76% this week, down from the previous rate of 3.79% that was registered last week. With this latest decline, 30-year mortgage rates are now near the lowest levels of 2015, which of course is great news for anybody still trying to find a new home before the new year.

Along with the drop in 30-year fixed rates, one-year adjustable rate mortgages also fell from 2.62% to 2.54% this week, while the average 15-year fixed rate remained unchanged and is currently at 2.98%.

In terms of how the real estate market is faring right now, pending sales of existing homes saw somewhat of a seasonal decline, dropping 2.3%, but compared with this time last year, contact signings are still 3% higher. And with mortgage rates still at incredibly low levels, we could be in store for a busier holiday season than usual.

Looking for a new home in Nashville? Start your Nashville real estate search now, or give us a call at (615) 301-1650 to get in touch with one of our local housing experts!

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