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Mortgage Rates Down.

September 12, 2006

Long-term mortgage interest rates were lower Friday, and the benchmark 10-year Treasury bond yield sank to 4.77 percent. The 30-year fixed-rate average dipped to 5.93 percent, and the 15-year fixed-rate sank to 5.64 percent. The 1-year adjustable was down at 5.31 percent. The 30-year Treasury bond yield decreased to 4.92 percent. With gas prices having dropped to the lowest price since April, it is hoped that the pressure to increase rates will continue to ease. Much of the slow down in the real estate market has been fueled by the prospect of higher interest rates. Many buyers have been waiting on the sidelines with the expectation that prices will continue to slide. In recent weeks we have seen many indications that the market is beginning to improve.

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