Mortgage Rates Head Down

Good news for borrowers this week: mortgage rates are ending lower than they were last week. Hopefully this is just the beginning.

Freddie Mac's survey for the week ending March 20th shows 30 year fixed rate mortgage rates falling to 5.87% from 6.13% (assuming 1/2 point). This may be a head-fake, or it may mean that rates will continue to improve for buyers. Start asking your mortgage broker if you need to refinance anytime soon.

Adjustable Rate Mortgage (ARM) rates have not been as forgiving. You'll have to wait for fear levels to drop before interest levels do so.

Further reading:

• Getting a Mortgage 101
• CNN Money on Lower Mortgage Rates