Mortgage Rates Falling in Direct Mail Offers

Mintel Comperemedia observes nearly 1% decline in rates for fixed rate mortgagesThe Fed’s rate cuts have finally impacted pricing seen on mortgage direct mail offers sent to consumers. In the first quarter of 2008, Mintel Comperemedia reports that the average rate on fixed rate mortgage offers sent through direct mail declined nearly a full percentage point (0.92%) from Q4 2007.The average rate promoted in first quarter mailings for fixed rate mortgages was 6.22%, a notable drop from the 7.14% average observed by Mintel Comperemedia in Q4 2007. Fixed rate mortgages held steady at an approximate rate of 7.16% for all of 2007.