Mortgage Rates Hold Steady For A Third Week
Posted on July 2nd, 2011
Mortgage rates held steady for a third week in a row, amid mixed economic reports and some tentative signs of improvement in the housing market.
Thirty-year, fixed-rate home loans averaged 4.51 percent this week with an average 0.8 point, up from 4.51 percent with an average 0.7 point from a week ago. A year ago, 30-year, fixed-rate mortgages averaged 4.58 percent and fell as low as 4.17 percent in early November, according to the weekly survey by mortgage giant
The rates on 15-year, fixed-rate residential mortgages averaged 3.69 percent with an average 0.7 point, unchanged from a week ago. A year ago, 15-year, fixed home loans averaged 4.04 percent and fell as low as 3.57 percent in early November.
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Mortgage rates remained unchanged as the nation’s economic growth in the first quarter was revised up in the final estimate, but growth in consumer spending stagnated in May while April’s figure was revised downward, according to Frank Nothaft, Freddie Mac’s chief economist.
Consumer spending accounts for roughly two-thirds of the nation’s gross domestic product — the well-watched gauge of overall economic activity.
There were some signs of improvement in the housing market, Nothaft noted.
In April, the S&P/Case-Shiller 20-city composite home price index rose 0.7 percent, representing the first monthly increase since July 2010.
“However, much of the improvement reflected the seasonal increase in homebuying over the spring-summer period,” Nothaft said.
Pending existing home sales rebounded in May, exhibiting the largest monthly increase since November, 2010.
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