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Mortgage Rates Linger Near All-Time Record Lows, Affordability Remains High
|While home prices have been steadily increasing in some areas, mortgage rates have been at or near record-lows throughout this year. The highly affordable market continues to allow current homeowners to refinance their loans, while first-time buyers are also taking advantage or rates and prices.
Tuesday, July 3rd, 2012
While home prices have been steadily increasing in some areas, mortgage rates have been at or near record-lows throughout this year. The highly affordable market continues to allow current homeowners to refinance their loans, while first-time buyers are also taking advantage or rates and prices. Freddie Mac's Primary Mortgage Market Survey for the week ending June 28 reveals the average for 30-year fixed-rate mortgages was 3.66 percent, matching the previous week's record low. This time a year ago, the 30-year FRM rate averaged 4.51 percent.
Additionally, the average rate for 15-year FRMs was 2.94 percent, down from the week before's average of 2.95 percent but still considerably lower than this time last year, when the 15-year ARM rate average was 3.69 percent.
According to the survey, the average for 5-year adjustable rate mortgage was up from the previous week, reaching 2.79 percent compared last week's 2.77 percent. A year ago, the 5-year ARM averaged 3.22 percent. "Mortgage rates were virtually unchanged this week hovering at or near record lows and should further help to support a recovering housing market," said Frank Nothaft, vice president and chief economist of Freddie Mac.
The most recent pending existing home sales report supports the idea that more Americans are making the investment of buying a home, as sales increased 5.9 percent, matching a two-year high. The number of new home sales also jumped in May, up 7.6 percent to the fastest pace since April 2010.
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.