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Biggest Mortgage Rate Drop in a Single Week Since 2008!

Freddie Mac - the Federal Home Loan Mortgage Corporation - just reported the biggest decline in mortgage rates in a single week since 2008. During the last week, 30-year fixed rate mortgages declined by 22 basis points from 4.28% to 4.06%! It's chief economist indicated that this drop was in response to the Federal Reserve's prediction that economic growth is slowing. As a frame of reference, this decline in interest rates may save buyers as much as $15.85 per month for every $100,000 they borrow in comparison to last week's rates.

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