The benchmark 30 year fixed mortgage interest rate has fallen to its lowest levels in eight months. With efforts underway to infuse the market with more cash, I think the 30 year rate will fall even more and could possibly end the year at around 6.00%. Here is a snapshot (red = rates, blue = points paid)
The high (6.74%) was June 21, 2007.
Here is how interest rates on the 5 year ARM have been (green = rates, blue = points paid):
The high (6.37%) Â was June 14, 2007.