(PRWEB) April 28, 2012
The big news of the week is the new record low mortgage interest rates. Homes.org predicted there would be little movement in the numbers this week, but the slight drop was enough to make a mortgage milestone. The 30-year fixed rate mortgage went down one basis point again this week and the 15-year fixed rate dropped by four basis points.
Current interest rates are:
4.09% - average rate for a 30-year fixed rate mortgage
3.28% - average rate for a 15-year fixed rate mortgage
The mixed economic news of the last few weeks has helped to suppress mortgage rates as we begin moving into the summer buying season. Based on the March housing reports, this year we're likely to see a more balanced real estate market where prices have leveled and buyer interest is high.
This week there are a number of reports and events that may have an effect of mortgage rates. Below are details on this week's roundup of economic reports that cover a range of topics from consumer confidence to the GDP.
- Tuesday: Consumer Confidence Report
- Tuesday: March New Home Sales Report
- Wednesday: March Durable Goods Orders Report
- Wednesday: Fed Meeting and Press Conference
- Friday: GDP Measurement
The most influential piece of news in regards to mortgage interest rates is the GDP report. The report found that at a growth rate of 2.2% the GDP improvement was a little lower than the 2.6% increase that was expected. Though the first quarter of 2012 was slower than the fourth quarter of 2011, the GDP does signify that the U.S. economy is staying on its slow path to recovery and a double dip recession isn't likely. All this good news for anyone trying to get a mortgage in the near future.
Homes.org is forecasting that mortgage rates will remain largely unchanged next week, allowing buyers to take advantage of near record low interest rates a little longer.
The April Consumer Confidence report definitely suggests that people are in the buying mood as we move further into 2012. This month consumer confidence reached 76.4, the highest it's been in a year.
The Homes.org mortgage team is predicting that mortgage rates will again remain somewhat stagnate after this week's economic news. Consumers can expect movement of only a few basis points..
Homes.org is a fast growing real estate search portal that offers users much more than MLS listings. Homes.org gives users access to a rich collection of resources, including but not limited to, real estate listings, home owner finance tools and home service tools. Homes.org brings buyers, sellers and renters important information about the current markets and intelligent tools by partnering with real estate professionals from around the country. Homes.org is a subsidiary of Star Nine Ventures, Inc. headquartered in Austin, TX.
About Star Nine Ventures®
Star Nine Ventures® is an Austin-based, marketing-driven venture creation company targeting a wide range of national business-to-consumer online marketplaces. Star Nine's core mission is to build businesses that provide exemplary consumer experiences and unparalleled customer service.