Thursday, October 2, 2003

30-year mortgage is below 6% again

By Jeff McKinney
The Cincinnati Enquirer

For the first time in 10 weeks, 30-year mortgages in Greater Cincinnati have dropped below 6 percent.

This week's average 30-year, fixed-rate mortgage with no points came in at 5.91 percent, down from 6.03 percent, according to a weekly survey of lenders by the Cincinnati Area Board of Realtors. The last time the average rate was below 6 percent was July 28 at 5.88 percent.

The latest drop is significant, because it will allow many consumers who were considering refinancing to finally do so.

Many consumers missed that chance since late June, when talk of a recovering economy caused mortgage rates to climb a full percentage point between then and early September.

Six of the 12 lenders polled in the latest survey were offering 30-year rates lower than 6 percent, including Fifth Third, Winton Savings & Loan, Barnaclo Mortgage and Humbert Mortgage.

The monthly payment on a $100,000 mortgage at 5.91 percent: $593.78. The average rate for the same week last September was 6.23 percent, with a monthly payment of $614.16.

"This is great news for home buyers and puts some consumers back into the refi sweet pot," said Greg McBride, a senior financial analyst at, which tracks bank rates nationally.


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