Mortgage Rates Hold Steady For Second Week
Posted on June 22nd, 2011
Mortgage rates held steady for the second week, as reports indicated the housing market remains soft.
Thirty-year, fixed-rate home loans averaged 4.50 percent this week with an average 0.8 point, unchanged from a week ago. A year ago, 30-year, fixed-rate mortgages averaged 4.69 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, down from 3.67 percent a week ago. A year ago, 15-year, fixed home loans averaged 4.13 percent and fell as low as 3.57 percent in early November.
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Mortgage rates were virtually unchanged for two weeks, following an eight-week slide.
“Mortgage rates were virtually unchanged this week amid further indications of a soft housing market,” said Frank Nothaft, Freddie Mac’s chief economist. “Although new construction on single-family homes ticked up in May from April, it was still below the overall pace set in 2010.”
In addition, existing home sales nationally fell 3.8 percent in May to the fewest since November.
In Greater Hartford, pending sales of single-family houses rose in May, an indicator that closed sales could pick up later this summer, according to a report released Wednesday by the Greater Hartford Association of Realtors. Closed sales in May dropped nearly 29 percent from the same month a year earlier when the federal homebuyer tax credit was still available.
Nationally, the Federal Reserve, Nothaft noted, reiterated in its June 22 policy committee statement that the housing sector continues to be depressed.
“The S&P/Case-Shiller National Home Price Index fell 2.1 percent between the fourth quarter and the first quarter,” Nothaft said.
Further declines in that index are also expected. A survey by MacroMarkets of 108 professional forecasters taken in early June indicated the index is expected to decline another 1.5 percent by the fourth quarter of his year, Nothaft said.
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