Interest Rates Drop

July 10, 2006

Long-term mortgage interest rates were down Friday, and the benchmark 10-year Treasury bond yield fell to 5.13 percent. The 30-year fixed-rate average dropped to 6.37 percent, and the 15-year fixed-rate slipped to 6.07 percent. The 1-year adjustable was down at 5.47 percent. The 30-year Treasury bond yield decreased to 5.17 percent.

Recent economic indicators show that economies growth is moderating which could cause the Fed to forgo additional rate increases. We are currently seeing a stabilization in the local real estate market. There has been an adjustment in the market as prices have rolled back to last January 2005 levels. Buyers are becoming more confident in the overall market and are looking for good values.


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