mortgage rates 5

interest rates for fixed, 30-year mortgages are at home to keep up to 7% for the remainder of the year, according to mortgage giant Freddie Mac.

Chief economist for Freddie Mac, Frank Nothaft, said in an interview on Monday in Washington that the 30-year prices are expected to rise further in coming months, but it should not last 7%. Nothaft, that the long-term interest rates could even fall, and will probably not hit 7% until the second half of 2007.

Freddie Mac was approved by Congress in 1970. The company buys residential mortgages from private lenders and packages and sells them on the market. This procedure replaces the nation delivery of loan money. The interest on a 30-year, fixed mortgages currently average 6.79%, according to Freddie Mac.

The housing market is in a slowdown, partly due to the increase in interest rates. Apartments remain on the market longer, and with a larger inventory, some are compatible with price stability or depreciation. Houses with less costly, more buyers could be the arena that the market a soft landing that experts are looking for.

Michele Joy of KB Homes, that if the interest rates below 7% is a good time to buy. " "

"" This is good news for the market, "she said. "" It is really good for the overall affordability index. "

Experts recommend fixed mortgage for most consumers. With a fixed rate loan, the risk is minimized because the monthly payments will remain throughout the duration of the loan. Rising and falling interest rates have no influence on the current loan.

With the stabilization of interest rates and the risk of increasing still looming, many experts predict that homeowners with adjustable-rate mortgage to refinance a fixed mortgage.

Martin Lukac represents RateTake refinancing rate market. RateTake hit consumers with multiple lenders offering low prices. Do you have too much debt? Get assistance and debt relief you will be amazed at what we can do together.