1/07/2005

Interest Rates Still Down at Second Lowest Average in 32 Years

According to the American Land Title Association, "mortgage rates in 2004 averaged around 5.84 percent, the second lowest annual rate ever recorded in the history of Freddie Mac’s Primary Mortgage Market Survey", according to Amy Cutts, their deputy chief economist. Mortgage rates are expected to rise in 2005, but not enough to slow the housing industry, although sales may drop off slightly from this 2004's pace.

There have been several projections about 2005 will bring, and there is definitely an increase in adjustable rate mortgages, but fixed rates continue under 6%. The national 30-year rate is just a shade lower than this time last year. This economist's projection is that the housing industry will continue to be healthy into the foreseeable future. Read ALTA - Industry News for more.

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