January 17, 2008

30-year mortgage fall below 6 percent (AP)

Dave Hanna, managing partner of Prudential Preferred CRE, shows off a 6,500 square feet (604 square metres) home in Burr Ridge, a suburb of Hinsdale,Illinois, in this undated photo. With a picturesque little downtown area and large, expensive houses -- according to the Headrick-Wagner Consulting Group, the average home sale price here in the 12 months to September 30, 2007, was around $1.15 million -- Hinsdale seems a world away from the housing slowdown that may have brought the U.S. economy to the brink of a recession. But even here, far from the housing crisis' epicenter, high earners with good credit may be heading for trouble as their adjustable rate mortgages (ARMs) adjust beyond their means, local real estate agents and others say. In a normal housing market they'd be able to sell, but now they are stuck. To match feature USA-HOUSING/PRIME (Nick Carey/Reuters)AP – Rates on 30-year mortgages dropped for a third straight week to the lowest level since the summer of 2005 as worries intensified about the current economic slowdown.

Filed under Real Estate Blog, Real Estate Business by Yahoo! News: Business - Real Estate

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