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Mortgage Rates Fall Again..

Mortgage rates fell back below 5.5% this week. The 30 year fixed rate mortgage fell to 5.48% according to a national survey of lenders. The mortgages in the survey had an average total of 0.29% discount and origination points.

The 15 year fixed rate mortgage fell to an average of 5.1% while the 5/1 adjustable rate mortgage fell to 5.41%.

Lower rates are making houses more affordable. Half of the houses sold in December cost less than $174,500, according to the National Association of Realtors. That's a 15.3% decline from December of 2007.

Realtors say house prices are distorted by foreclosures. In December, foreclosures and short sales accounted for 45 percent of transactions nationally. Inventories declined which typically means that prices may be on the way up again. However, there are many in the industry who believe prices have not hit bottom yet. There are indications that more foreclosures are on the horizon.

Rates climb to annual high


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