name: nilson nilson Jack
Mortgage Rates Ease Downward
20 June, 2009
According to the FreddieMac.com weekly mortgage rates survey, interest rates fell this week due to inflation numbers, which had been a concern, being lower than expected. Interest rates on a 30 year fixed rate mortgage averaged 5.38% down from 5.59% last week. From the FreddieMac.com website: “Reports of benign inflation figures reversed the upward trend of mortgage rates this week,” said Frank Nothaft, Freddie Mac vice president and chief economist. He also said: 1) It’s too early to tell if the housing market has hit bottom. 2) The recent rise in interest rates has slowed homebuyer demand at least temporarily. 3) Mortgage applications have fallen for the first time in a month. 4) Home builder confidence has weakened for the remainder of the year. Interest rates are predicated on so many economic factors that it’s virtually impossible to tell what they will do week to week. Even the most adroit economists can only guess as to what rates will do. For now, let’s hope they ease a little more and give confidence back to the marketplace. Thanks for visiting!
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nhim | 25/09/2009, 06:57 [ Reply ]