Thursday, October 30, 2008

Mortgage interest rates down, loan apps up

Interest rates on 30-year fixed rate mortgages dropped to 6.26 percent from 6.28 percent the previous week, according to data released yesterday by the Mortgage Bankers Association. Applications for loans were up 16.8%. Source: MBA.

The Fed also reduced rates again this week, meaning mortgage interest rates just might go down again in the next week or so. If you're looking to buy a home, be sure to lock in your quote, but with an option to move downward should rates continue to fall. — Sheree R. Curry, MoolahMaven.com

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