Published on February 23, 2007.
Mortgage rates have fallen on news of the housing market slowdown – 30-year fixed-rate mortgage declined to 6.22 percent from 6.30 percent, which is on par with rates a year ago.
NEW YORK (CNNMoney.com) — Mortgage rates fell in the past week as lenders showed concern for the effect the slowing housing market would have on the economy, according to a survey released Thursday.
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I am a product of home purchasing in the 1970′s and 1980′s. My first home was purchased with 20% down at a rate of 8-1/4 % in 1974, my next home was purchased at an adjustable rate of 13-1/4 percent. Most of the home buyers of today don’t have a clue as to what it really costs to buy a home in a bad market, 6% is not so bad.