New Homes in Florida
Boynton Beach Homes
Naples Florida Real Estate for Sale
Fort Myers Homes for Sale
Boca Raton Homes
Steps to When Applying for a Mortgage Loan
Five Ways to Stay Stress-Free When Purchasing a Home
GL Homes' Communities
The Bridges in Delray Beach
Canyon Trails in Boynton Beach
Bay Hill in West Palm Beach
Riverstone in Naples
Valencia Lakes in Tampa
Valencia Reserve in Boynton Beach
Botanica Lakes in Fort Myers
Mortgage Rates Remain Near Record Lows
|While slightly higher mortgage rates may not seem appealing to prospective buyers, they do indicate an improving housing industry while still offering high affordability when compared to a year ago.
Friday, August 17th, 2012
While slightly higher mortgage rates may not seem appealing to prospective buyers, they do indicate an improving housing industry while still offering high affordability when compared to a year ago.
The newest Primary Mortgage Market Survey from Freddie Mac reveals rates for fixed mortgages have increased slightly from their record lows reached the week ending July 26.
The average rate for 30-year fixed-rate mortgages jumped to 3.55 percent the week ending August 2, up from the previous week's record-low average of 3.49 percent. While rising rates may have buyers slightly hesitant to make the investment of purchasing a home, rates continue to be significantly lower than a year ago, when the average rate for 30-year FRMs was 4.39 percent.
Potential buyers who are looking to spend less on interest and can afford a slightly higher monthly mortgage may opt for a 15-year FRM. Data from the Freddie Mac report shows the average rate for 15-year FRMs was 2.83 percent, just higher than the week before when it averaged 2.8 percent. Despite the weekly increase, the average is still much lower than this time last year when it was 3.54 percent.
Buyers who are interested in adjustable-rate mortgages are also still offered affordability as the average rate was 2.75 percent compared to last year when it averaged 3.18 percent.
"Recent announcements of additional debt relief for the Eurozone and mixed domestic economic indicators added upward pressure on Treasury yields as well as mortgage rates this week," 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.