Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage averaged 5.48 percent for the week ending January 24, 2008. This was down from last week when it averaged 5.69 percent.
Last year at this time, the 30-year FRM averaged 6.25 percent. The 30-year FRM has not been lower since the week ending March 25, 2004 when it averaged 5.40 percent.
"Economic news released last week confirmed the weak condition of the housing market. Housing starts fell further in December to 1.006 million units, the slowest pace since May 1991," said Frank Nothaft, Freddie Mac vice president and chief economist. "For the year as a whole, housing starts dropped nearly 25 percent, from 2006’s level. This was the largest annual decline since 1980. New permits issued also fell to the lowest level since March 1993.
This is a great time to be buying property here in New Bern, North Carolina! We have a large inventory of homes for sale for home buyers or investors. I'll provide this link so that everyone can check out the inventory of the New Bern MLS Service:
