Saturday, August 11, 2007

Despite the Credit Crunch, cheap home mortgages are still readily available for normal people

Despite all the talk of a credit crunch, people with good credit and a decent income can still get cheap mortgages. The latest weekly mortgage survey from Freddie Mac shows the average rate offered for 30-year fixed-rate home mortgage is 6.59% (down from 6.68% last week) and the average for the 15-year fixed-rate home mortgage is 6.25% (down from 6.32% last week.) These are truly great rates. Sure, people with lousy credit and without a decent documented income or money for a deposit are on shaky ground, but that's the way it should be anyway.

-- Jack Krupansky

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