The Freddie Mac’s Primary Mortgage Market Survey released last week, showed that both the long term and short-term conventional mortgage interest rates are going to suffer huge downward turns. This was forecasted before Tuesday when Federal Reserve made half point rate cut.
Though there is no direct relationship between the Federal Reserve’s twisted rates and the treasury rates that determine mortgage interest rate, but still there is dexterity between both the rates. In the survey by Freddie Mac and Mortgage Bankers Association, it is predicted that the interest rate during the coming week is on the verge of fall again.
Freddie Mac mentioned that in the previous week the 30-year fixed rate mortgage averaged 6.31 percent with an average of 0.5 points. This was 15 basis points lesser than the average of the week before that, when both the fees and points were at an average of 0.5 point. After the week ended in May 17 when the interest rate averaged 6.21 percent along with 0.4 point, this was the lowest rate. During the last year at this point of time the interest rate of 30 year fixed mortgage was 6.43 percent.
The average interest rate of 15...
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