Mortgage Rates Dip To 6.31%

Mortgage rates dip to 6.31 percent, from MSNBC.com, reports that rates on 30-year mortgages dropped this week to the lowest level in a month as financial markets viewed new evidence of a slowing economy as a sign that inflation will decline. Rates for 30-year, fixed-rate mortgages dropped to 6.31 percent this week, down from 6.40 percent last week. The article also states that in an effort to dispel some of the gloom surrounding housing at present, the National Association of Realtors announced that is beginning a series of newspaper ads proclaiming "it's a great time to buy or sell a home." The ads, which were to start appearing in newspapers on Friday, noted that mortgage rates have been falling recently and the near-record level of unsold homes means that buyers have more homes to choose from. The ad quotes former Fed Chairman Alan Greenspan as saying that "most of the negatives in housing are probably behind us." Tom Stevens, the Realtors president, said, "The market is much better than you might hear or read."



http://www.msnbc.msn.com/id/7148582/