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30 Year Rates Take A Dive Wednesday
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June 19, 2005 LOS ANGELES --
As least expected by even the most optimistic analysts and economists throughout the U.S., the base rate for typical 30 year fixed rate mortgages (long-term) plummeted again on Wednesday. Following suit, the 15-year fixed rate for home loans dropped slightly to 4.84 percent. In harmony with the previous, 1-year adjustable rates (ARMs) went down to 3.67 percent.
With interest rates on a "measured pace" upwards, according to The Fed, it is quite odd to see them remaining at historic lows, and even going downward in a roller-coaster fashion this late in the year.
Many originally speculated that rates would be well into the "sixes" by now based upon Alan Greenspan and company's projections for higher interest rates for home purchase loans in order to balance the inflationary pressures of our economy.
Just goes to show even us "know it all's"... Never say never... and never predict rates further into the future than you would the local weather.
Article by Stockton Marquette - Email Mr. Marquette.
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