Mortgage Rates Drop Again

30 year mortgage rate in Boca Raton drops 6 weeks straight to 6.44%

Mortgage rates slipped for the sixth straight week on continued signs of weakness in the housing sector and declining consumer confidence, Freddie Mac reported Thursday.

The average rate on 30-year fixed-rate loans fell to 6.44 percent for the week ending Aug. 31 from 6.48 percent the week before.

A year ago, the 30-year mortgage rate averaged 5.71 percent. The last time the 30-year rate was this low was the week of April 6, 2006.

Freddie Mac said the 15-year rate slipped to 6.14 percent from the previous week average of 6.18 percent. A year ago, the 15-year rate averaged 5.32 percent.

The last time the 15-year rate was this low was the week of April 6, 2006.

Five-year adjustable-rate mortgages fell to 6.11 percent from 6.14 percent last week.

The five-year ARM averaged 5.30 percent a year ago.

The average one-year adjustable-rate mortgage fell to 5.59 percent from 5.60 percent the previous week. At this time last year, the loan averaged 4.48 percent.

As seen on www.CnnMoney.com

. . . . This will definitely benefit all home buyers and sellers in the Boca Raton, Delray Beach, and Highland Beach area. As mortgage rates drop more and more, we will begin to see an influx in sales and happier buyers.

About Wendy and Elliot Koolik: Wendy and Elliot Koolik are a recognized leader in the Boca Raton luxury and country club real estate communities. While they are active in all of Palm Beach County, they focus on Boca Raton, Delray Beach and Highland Beach.

Wendy and Elliot Koolik are part of Koolik Group Realty, a family-owned and operated real estate company serving buyers and sellers since 1990. The real estate firm is known for its responsiveness to clients, knowledge of the neighborhoods they specialize in and, above all, for its boundless passion for the real estate business.

For more information, contact Wendy and Elliot Koolik by phone at 561.393.9997 x113, online at www.ElliotKoolik.com or by e-mail at EKoolik@Koolik.com.