Mortgage Rates Start Week Lower

By:: MortgageLoan.com

Mortgage rates ended last week lower, at 5.11 percent for an average 30-year fixed-rate mortgage according to the MortgageLoan.com rate survey. Most of the downward trend was reaction to continued economic weakness--ballooning unemployment rates, Federal Reserve reducing its economic outlook, and equity fears on Blue Chips like GE. As we near the opening bell equities seem to still hold significant fear--showing triple digit declines in futures. Expect flat to lower rates this week. One wrinkle in the traditional equities to bond flight to safety might be a growing trend to cash, in which case mortgage rates will flatten or increase.

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National Rates

Loan Type	Today	+/-
30 yr fixed	3.80
15 yr fixed	3.10
5/1 ARM	2.73

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