Rates Have Dropped

 Mortgage rates are at a two-year low.   If you finance your home while rates are low, you can save hundreds of dollars a year (or more), according to Freddie Mac's January 10, 2008 Primary Mortgage Market Survey:   The average principal and interest payment on a $250,000 loan has dropped by $131.83 per month since August 3, 2007.

And, there's more good news from the PMM Survey:

• The 30-year fixed rate mortgage averaged 5.87% with 0.4 points
• The 15-year fixed rate mortgage averaged 5.43% with 0.5 points
• The 5/1 ARM averaged 5.63% with 0.5 points
• The 1-year ARM averaged 5.37% with 0.6 points