Talk of the 30-year fixed mortgage rate falling back below 6% filled the airwaves yesterday, so below we provide a two-year chart of the rate for those that are interested. Even as the Fed Funds Rate has fallen from 5.5% to 1%, mortgage rates have failed to decline along with it, which hasn't done much to help the struggling housing market. Economists and investors are hoping that the Fed's actions yesterday will start pushing mortgage rates lower. This will help ease the credit crisis as banks will become more willing to lend, providing better interest rates for potential homebuyers. 5.81% is better than the 6.4% seen at the start of the month, but the rate could still stand to drop quite a bit.
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