Mortgage Rates Drop

Huntsville real estate mortgage rates continued to drop this week according to Freddi Mac's weekly Primary Mortgqage Market survey. The 30-year fixed-rate mortgage (FRM) averaged 6.44 percent with an average 0.4 point for the week ending August 31, 2006, down from last week's average of 6.48 percent. Last year at this time, the 30-year FRM averaged 5.71 percent.

"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.

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