Mortgage rates continue to descend and are sitting at another low this week, according latest survey from Freddie Mac.
Freddie Mac’s weekly survey revealed that the key lending rate for home loans slipped from 4.42% last week to 4.36% in the latest week, inclusive of 0.7 points. The 15-year FRM averaged a record low of 3.86% with an average 0.6 point, down from last week when it averaged 3.90%.
The survey of 30-year mortgages began in 1971, while Freddie Mac began tracking the 15-year fixed rate in 1991.
The slowdown in the economy, diminishing inflation expectations and a general belief that the Federal Reserve will take more aggressive actions to ease the economic slowdown have leaned on the yield for the 10-year Treasury note, which heavily influences rates quoted for 30-year mortgages.
Those able to refinance their current loans have started to take advantage of the bonanza that is currently being offered.
Despite the jump in affordability, record low mortgage rates have done little to support housing in recent weeks, as the hangover from the expiration of the tax credit and a difficult economy have blunted the tailwind from low rates (see Housing market hits the wall…No putting lipstick on this pig).
1 comments:
My husband and I are still new to the housing market and we still have a lot to learn about all the processes to go through in owning a house. We're about to move in to Edmonton - best mortgages there have been presented to us by our broker.
We all hope that the economic fiasco will ease up, as that would help people like us new homeowners. As we continue to ask help from our mortgage broker, Edmonton sure is a promising place to live in. Thanks for this update!
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