30 year mortgage rates drop.

[flippinout]

Last week, 30 year home loans soared to the highest in the past 7 months, only to drop this week. The rate was at 5.59 percent, but this week is at 5.38 percent.

Rates had risen for three weeks after yields on long-term government debt, and investors were worried that this would cause more inflation.

Right now, it looks as though the housing market may be beginning to stabilize, but higher rates might might slow down recovery, because borrowers wouldnt be able to borrow as much money, and therefore not make purchases as planned.

The 15 year fixed-mortgage rates also fell from from 5.06 percent to 4.89 percent. Rates on a 5 year, adjusted mortgage rate fell from 5.04 percent to 4.95 percent.

These rates dont include add on fees otherwise known as points.

[Eyeofngt]

They need to keep them low till the economy is better! They are doing like gas prices up n down up n down. Get them while it lowest cause it will go back up! I think they do it with the seasons..LOL Summer people is looking more thus higher interest.