Nashville Mortgage Rates Drop!

During the week ended Oct. 25, the 30-year fixed mortgage rate fell to 6.33% from 6.40% the prior week, according to Freddie Mac. Interest on 15-year fixed loans dropped to 5.99% from 6.08% over the same period. Meanwhile, interest on one-year adjustable-rate mortgages slipped to 5.66% from 5.76%; and the five-year hybrid ARM registered a decline to 6.03% from 6.11%. Freddie Mac chief economist Frank Nothaft attributed the lower rates to concerns about an economic slowdown and uncertainty about the impact of the housing downturn on the economy.

We still believe that there will be a quarter point basis drop coming within the next week or so. Look for rates to continue dropping all the way through the presidential election in 2008. Be sure to check out our Nashville commercial property if you are considering investing in our area. Our commercial brokerage is second to only our residential brokerage!

Mortgage Rates Remain Flat

Freddie Mac says mortgage rates barely budged last week due to conflicting economic reports, with robust retail sales in September offset by a disappointing outcome in consumer confidence this month. The 30-year fixed mortgage rate held steady at 6.31%, while interest on 15-year fixed loans rose to 6.08% from 6.06%. The 1 year adjustable mortgage rate climbed to 5.76% from 5.73%, and the five-year ARM slipped to 6.11% from 6.12%.

With the impending rate drops from the Fed, it appears that we might see rates dip in the upper 5% range by the beginning of the year. While the Nashville new construction market seems to be slipping, Nashville rental rates remain very high allowing you to purchase as an investment property for the next few years.

Nashville Market Update

The Nashville real estate market has certainly slowed with the rest of the country, but we still have not seen the “sell off” other areas have seen. An article was published about two weeks ago now that stated our sales volume has dropped almost 25% in 12 months, but our prices have increased by 3%. This has created a buyer’s market here and we are now starting to see some pretty good deals available on select houses. There are still a lot of people out there who have their home on the market just to see if they can still cash in from what happened a year ago, but those homes will eventually come off the market. The trick is identifying which homes are really need to sell and which are just dreaming of a sale.

Mortgage Rates Edge Upward

Freddie Mac says the 30-year fixed mortgage rate edged up to 6.40% from 6.37% over the past week. The 15-year fixed mortgage rate climbed to 6.06% from 6.03%. Meanwhile, interest on one-year adjustable loans jumped to 5.73% from 5.58%; and the five-year ARM bumped up to 6.12% from 6.11%.

Nashville Mortgage Rates Decrease Slightly

Freddie Mac reports a drop in the 30-year fixed mortgage rate to 6.37% during the week ended Oct. 4 from 6.42% the prior week. Interest on 15-year fixed rate mortgages fell to 6.03% from 6.09% over the same time span. Meanwhile, the one-year adjustable mortgage rate slipped to 5.58% from 5.6%, and the five-year hybrid adjustable rate declined to 6.11% from 6.15%. This marks the first decrease in Nashville mortgage rates in three weeks and is not expected to be the last decrease this month.

Mortgage Rates Creep Back Up

After hitting a four-month low of 6.31% two weeks ago, long-term mortgage rates continue to climb. Freddie Mac reports that interest on 30-year fixed loans spiked up to 6.42% last week from 6.34% a week ago, while 15-year fixed mortgages moved up to 6.09% from 5.98%. Contrary to the upward shift in long-term rates, initial interest on one- and five-year adjustable-rate mortgages dipped for the fourth week in a row, according to Freddie Mac. The Mortgage Bankers Association, meanwhile, says that ARMs continue to lose market share and currently are at their lowest level in about four and a half years!