I am happy to announce that the 30 year fixed mortgage rates are marching downward. They have popped below 6% several times in the past few weeks and might move permanently below the threshold. Mortgage rates should have been below 6% for the past few months, but rose and stayed closer to 7% due to the terrifying mortgage industry collapse. As things begin to settle down and the secondary mortgage market start to work again, mortgage rates will flatten out below 6% and stay there. Remember, the Fed chatting about lowering the Prime, does not affect your mortgage rate. It will help auto loans, credit cards, student loans and of course home equity loans. Perhaps, we can breath easy soon. If only there was a lender out there, still giving mortgages!

– Dale Siegel