8/19/2004

Rates Are Lower - Again

Bankrate.com says according to their 8/18/2004 national survey that the 30-year fixed is 5.82%. That makes the monthly payment for a $165,000 loan about $9.50 lower than it was last week. "Rates on 30-year fixed mortgages didn't drop below 6 percent between February 1966 and January 2003, according to Federal Housing Administration and Bankrate data. That should put into perspective the rarity of today's low long-term mortgage rates." Read more about how the current tame inflation leads to lower mortgage rates.

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