Mortgage Rates Continue To Drop

Reports have been released that show that mortgages rates are lowering, and lower mortgage rates equal big savings. During 10 of the last 13 weeks mortgage rates have been declining.

Freddie Mac stands besides these figures and says that it is expected with the 30 year fixed rate presently at 6.11 percent and the 15 year fixed rate 5.84 percent.

Going by the numbers buyers looking to purchase homes at the national median $221,300 would be saving almost $14,000 over 30 years.

This could happen by obtaining a mortgage at the current rate, versus the average rate of 6.11 percent for the year.

There has been a decline in fixed borrowing cost which is enabling consumers to refinance out of adjustable-rate mortgages before their payments reset or tap into their home equity.