Two weeks ago, the average fixed mortgage rates saw their highest levels since mid-2011. This has made homebuyers weary of making their move. However, there is some good news. Last week, Freddie Mac's Primary Mortgage Market Survey said that the 30-year rates have dropped back down to 4.29 percent (from 4.46 two weeks ago.) We realize these aren't ideal considering last year they were at 3.62 percent.
Over the Fourth of July weekend,,the rates fell due to an ease of market concerns about the Federal Reserve's pullback in bond purchases. It is important to remember that even though rates are higher now than they have been in the past year, these rates are still low by historical standards. Even in the 4th percentile, we should continue to see people benefiting from housing affordability and the housing market will continue to recover.
Despite the rates being a bit higher, pending home sales have gone up by 6.7% in May, which is the strongest pace we've seen in over six years.
If you are in the market for a house and have questions, please call us at 888-883-5252 or 877-828-8851. We'd love to help ease your concerns and get your application started!
Monday, July 8, 2013
How Are The Mortgage Rates Doing?
3 comments:
Really a nice blog. Carry on All the very best for the future.
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