Mortgage rates drop to three-month low

The 30-year fixed-rate mortgage (FRM) averaged 5.12 percent for the week, down from last week’s, according to Freddie Mac.  Last year at this time, the 30-year FRM averaged 6.47 percent.

I dunno, but I’m beginning to think that prices aren’t going to fall much more in Manhattan and that rates are so attractive that it doesn’t matter if prices decline a bit.

Are we flirting with the bottom?  Maybe monthly costs will rise even if prices keep falling and rates rise, as inevitably they will. Continue reading