Mortgage Rates Drop Below 6%

According to Freddie Mac's data, mortgage rates have dropped back below 6 percent after spending more than a month above that threshold. Thanks to the Federal Reserve's aggressive moves to insulate the U.S. economy by slashing borrowing costs, 30-year fixed home loans averaged 5.87 in the latest numbers. That compares to 6.13 percent this time last week and represents the first time since mid-February that the benchmark interest rate has been less than 6 percent. "Slowing consumer spending and weak employment conditions are among the concerns behind the Fed's decision to lower the target federal funds rate," says Freddie Mac chief economist Frank Nothaft. Source: Tulsa World (Okla.) (03/21/08)

The rates are also different for different regions. I am reseraching how it affected Utah Rates so far. For now, I can say one of the lowest rates (Utah Housing program) indicated rate to be 6.09%. Utah Housing is always one of the lowest rate out there, and not everyone qualify to apply for these loans. Have questions, if you do?

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