August 5, 2009

30-Year Fixed Mortgage Rates Drop

mortage interest rates downThe Demand for U.S. home loans rose last week as a cry off in 30-year fixed mortgage rates to a three-week low boosted applications for refinancing, the Mortgage Bankers Association said on Wednesday.  The average mortgage rate fell to 5.17 percent in the last week of July. This is boosting homeowner sales and refinancing.  Mortgage rates were as low as 4.61 in March and the REFI gauge is still below 6,000 where is was in March. The decrease in mortgages rates has caused it to go up recently.  Despite purchase home requests being slightly up, most experts are still predicting that a speedy recovery to the worst housing market since the great depression is not at all likely. There is still hope though as new and used home sales have risen due to lower housing prices, good mortgage finance rates, and the first time home buyer  tax rebate. The unemployment rate is still on the rise at almost 10 percent (and over in certain states). This is keeping many potential home buyers playing it safe and not buying homes.  We will have to see what lies ahead and what new laws and regulations will take place to see when our devastated economy will recover.


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