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Mortgage Rates

Mortgage rates have held rock steady throughout June at or near lows for the year, as interest rates on fixed-rate loans remained virtually unchanged this week for the fourth consecutive week, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey.

A separate survey by the Mortgage Bankers Association showed demand for purchase loans was down slightly last week compared the week before but up from the same time a year ago.

Freddie Mac's survey of 125 lenders nationwide showed rates on 30-year fixed-rate mortgages averaging 4.51 percent with an average 0.7 point for the week ending June 30, virtually unchanged from 4.5 percent last week and down from 4.58 percent a year ago.

 

Rates on 30-year fixed-rate mortgages hit a 2011 low of 4.49 percent during the first week of June. After hitting an all-time low in Freddie Mac records dating to 1971 of 4.17 percent during the week ending Nov. 11, 2010, rates on 30-year fixed-rate loans surged back to a 2011 high of 5.05 percent in February.

For 15-year fixed-rate mortgages, rates averaged 3.69 percent with an average 0.7 point, unchanged from last week and only a hair above the 2011 low of 3.67 percent registered two weeks ago. At this time a year ago, the 15-year fixed-rate mortgage was 4.04 percent,...

The Time to Buy - NOW!

The following article appeared in Realtor Magazine Online on April 21. 2008:

Daily Real Estate News  |  April 21, 2008

Mortgage Rates Hit Low Point

The 30-year fixed rate mortgage currently sits at 5.88 percent, and analysts say they are unlikely to fall any further for the rest of the year.

The rate on the fixed loans is only down a quarter of a point this year, as the credit markets have cut the link between it and yields on 10-year Treasuries; and while skittish investors have moved to Treasuries to trim the yields, mortgage lenders have not eased lending standards.

Mortgage rates are likely to close 2008 at about 6 percent as investors in bonds focus on rising inflation, driving interest rates higher.

Long-term rates will also increase due to the additional supply of Treasuries as Congress borrows to raise money for the growing federal budget deficit.

Source: Kiplinger.com, Jerome Idaszak(04/21/08)

© Copyright 2008 Information Inc.

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