National Real Estate - Average Rates for Mortgage Loans Reach New Record Low



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Average Rates for Mortgage Loans Reach New Record Low

 
As improving economic factors continue to support the strengthening of the nation's housing market, a new report reveals mortgage rates continue to reach new record lows, prompting consumer activity.

Thursday July 26th, 2012

 

As improving economic factors continue to support the strengthening of the nation's housing market, a new report reveals mortgage rates continue to reach new record lows, prompting consumer activity.

According to Freddie Mac's most recent Primary Mortgage Market Survey, the average rate for 30-year fixed-rate mortgages for the week ending July 19 reached a new record low of 3.53 percent. The average dropped from the previous week's 3.56 percent, but remains considerably lower than this time last year, when it was 4.52 percent.

The data also shows the average rate for 15-year FRMs fell to a new all-time low of 2.83 percent from the week before, when it averaged 2.86 percent. Prospective buyers are urged to take advantage of the current high affordability, as this time a year ago, the 15-year FRM averaged 3.66 percent.

Potential buyers who are more interested in adjustable-rate mortgages may be attracted to a lower average for 5-year ARMs, which decreased to 2.69 percent from 2.74 percent last week.

"With little signs of inflation and the Federal Reserve's 'Operation Twist' keeping U.S. Treasury bond yields in check, fixed mortgage rates are remaining low and helping to stir the housing market," said Frank Nothaft, vice president and chief economist of Freddie Mac. National real estate trends have a major impact on the real estate market on a daily basis. Keeping up-to-date on the latest news and notes posted by GL Homes can make sure those looking for South Florida homes know exactly how the current market will affect them.

National real estate trends have a major impact on the real estate market on a daily basis. Keeping up-to-date on the latest news and notes posted by GL Homes can make sure those looking for South Florida homes know exactly how the current market will affect them.