Mortgage Rates Drop

Freddie Mac Reports Drop In Interest Rates

Freddie Mac's weekly Primary Mortgage Market Survey revealed interest rates on 30 year fixed-rate mortgages to be 6.44 percent, down from last week's average of 6.48 percent. This is the lowest rates have been since the beginning of April 2006.

"Mortgage rates continued to drift lower this week in large part because of the cooling in the housing market and in consumer confidence, thus giving financial markets reason to believe that economic growth will moderate and inflation will remain in check," said Frank Nothaft, Freddie Mac vice president and chief economist.

If you want more information on how the lower rates effect your home buying power, contact me or visit my website. Here you can view all Knox County real estate listings, get the current market value of you home, free reports and more.

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