Mortgage Rates Inch Downward Again

Freddie Mac's Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.32%, with an average 0.6 point, for the week ending March 23, 2006, down from the prior week's average of 6.34%. Last year at this time, the 30-year FRM averaged 6.01%.

The average for the 15-year FRM on Friday was 5.97%, with an average 0.6 point, down slightly from the previous week's average of 5.98%. A year ago, the 15-year FRM averaged 5.56%.

"The most recent economic indicators released this week showed that inflation is, indeed, being held in check," said Frank Nothaft, Freddie Mac vice president and chief economist. "That news allowed long-term mortgage rates to drift a little lower for the second week in a row."

Meanwhile, existing home sales for February were unexpectedly high, but experts think that this may be due to an unseasonably warm January when those contracts were closed. Commercial real estate in Nashville has also been heating up lately! All of the new residents, companies relocating to the area, and temperate climate have caused retail to explode. Ask us how we can help!