According to Freddie Macâ€™s Primary Mortgage Market SurveyÂ® (PMMSÂ®), the 30-year fixed-rate mortgage (FRM) averaged 6.31 percent for the week ending September 28, 2006, down from last week when it averaged 6.40 percent.
Rates have declined for 8 of the last 9 weeks and are at their lowest since March 2, 2006, when they averaged 6.24 percent.
Last year at this time, the 30-year FRM averaged 5.91 percent.
In addition, inventory of condominiums and single-family homes appear to have leveled off, since the beginning of September.
If you’re thinking of buying before the year is out, now could be the time to buy, so you can lock in low rates.
The September jobs report is due out on Friday, and if it beats forecasts, rates may rise. (Although, some analysts think we can count on steady rates, at least until next year.)