The average conforming 30-year fixed mortgage rate is now 5.75%.
According to Bankrate.com’s weekly national survey of large lenders,
the average 30-year fixed mortgage has an average of 0.36 discount and
origination points.

The average 15-year fixed rate mortgage, popular for refinancing fell
to 5.28%, and the average jumbo 30-year fixed rate sank to 6.98%.
Adjustable mortgage rates were lower also, with the average one-year
ARM slipping to 5.93%, and the average 5/1 ARM diving to 5.67%.

With the national economic worries about a potential recession, these rates are falling at the fastest pace in 20 YEARS!!!

WHAT DOES THIS MEAN FOR YOU??

If you are buying in the Huntsville Alabama Metro Area, it’s a dream come true! The rates will bottom out soon, and within the next couple of weeks will be a great time to buy a home in our area. Just imagine how lucky a person would be to be able to buy a home in an appreciating real estate market with a great interest rate! Within the next two to three years, with the vast amount of jobs coming to our area, we are going to be looking at a BIG reduction in available inventory, thereby pushing home prices up. The coming weeks will be an excellent time for the smart investors and homeowners to really stake a claim.