At a time when the average consumer on the street is looking for a bit of good news, the Fed offered a little this past week.  Rates are now at 6.20 percent for the week ending November 6th.; down from 6.46 percent last week.  The reason for this reduction is due to the fact that there were new indications of a pullback in consumer spending and a weaker job market.

 The high for a thirty year mortgage rate this year was 6.63 percent in late July.  The low was 5.78 percent for the week ending September 18th.  Rates on other types of mortgages also fell this week.

For 15-year, fixed-rate mortgages, which are popular with people who are refinancing, rates dropped to 5.88 percent this week, compared with 6.19 percent last week. Rates on five-year, adjustable-rate mortgages fell to 6.19 percent, down from 6.36 percent last week. And, rates on one-year, adjustable-rate mortgages decreased to 5.25 percent this week, from 5.38 percent.
 
Our sinking economy is based largely on the slump in real estate.  Home values have fallen and consumers feel less wealthy causing them to spend less.  Many home owners have been forced in foreclosure and this has led to large losses at financial companies.  One large chain reaction that seems to feed upon itself. For the economy to turn, it is needed that at least one of the big three makes a comeback. The three being real estate, vehicle sales and/or gainful employment. Looks like Real Estate might actually take the lead in turning around considering the car sales and employment figures that came out last week.

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