Bad news equals low rates, and good news for struggling homeowners.
Mortgage rates slipped lower for the second week in a row thanks to concerns about the direction of the economy after the release of the June jobs report, according to mortgage financier Freddie Mac.
The classic 30-year fixed-rate mortgage averaged 5.20 percent during the week ending July 9, down from 5.32 percent a week ago and 6.37 percent a year earlier.
It’s still a bit higher than its record low of 4.78 percent set back in April when the refinance boom was in full swing, but not by much.
The 15-year fixed rung in at 4.69 percent, down from 4.77 percent a week earlier and 5.91 percent a year ago.
The five-year ARM averaged 4.82 percent, down from 4.88 percent a week ago and 5.82 percent this time last year.
The one-year ARM dipped to 4.82 percent from 4.94 percent, and remains below its year-ago average of 5.17 percent.
The rates above are good for conforming loan amounts with at least a 20 percent down payment.
Rates on jumbo loans continue to price higher, around 6.50 percent for a 30-year fixed.
The lower rates are encouraging, and may signal a return to a lending bonanza, though it’s too early to tell if rates will continue to fall.
"see.....this is where we're at and when the banks release that second wave of foreclosures..wow...BUY BUY BUY!!!!"
Subscribe to:
Post Comments (Atom)
Before purchasing a property, primarily secure that you have enough source of income. Be certain that you have sufficient funds on a long-term basis to insure that you'll be capable of paying your monthly amortization.
ReplyDelete