Average Mortgage Rates are Predicted to Drop in Q4 2009
In particular, according to the Freddie Mac report, not seasonally-adjusted 30-year fixed mortgage rates averaged 5.2% in the third quarter of 2009, 20 basis points up from the respective rate average in the previous quarter. However, Freddie Mac predicts that the average 30-year fixed mortgage rate will drop to 4.9% in the last quarter of 2009. Similarly, the not seasonally-adjusted 1-Year Treasury Indexed ARM (adjustable rate mortgage) is predicted to decrease to 4.6% in the fourth quarter from 4.7% in the third quarter of this year. The 1-year Constant Maturity Treasury Rate is predicted to remain stable at 0.5%.
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