Mortgage Rates Decline
8th May, 2011 - Posted by admin - No Comments
Fixed mortgage rates declined this week, keeping the rate on the 30-year loan below 5% while the 15 year loan fell below 4%. According to Freddie Mac, the average rate on the 30 year loan fell to 4.78% from 4.8% the previous week. This is still above the 40 year low of 4.17% registered in November of last year.
The average rate on the 15 year fixed mortgage slipped to 3.97% from 4.02% in the previous week. The record low for this rate was 3.57%, also recorded in November of last year. In spite of these low rates, the US housing market remains in the doldrums. Four home builders reported weaker sales in the most recent quarter, blaming a still weak economy, stricter credit standards and an elevated number of foreclosures for keeping buyers away.
Posted on: May 8, 2011
Filed under: mortgage news
No Comments
No Comments
Leave a reply