(PRWEB) April 21, 2012
It's another week of near record low mortgage interest rates. Homes.org accurately predicted the sideways movement of mortgage rates which are almost exactly the same as last week. The 30-year fixed rate mortgage went down 1 basis points and the 15-year fixed rate remained unchanged.
Current interest rates are:
4.10% - average rate for a 30-year fixed rate mortgage
3.32% - average rate for a 15-year fixed rate mortgage
With fears of inflation subsided and the Fed's optimistic yet cautious outlook on the overall economy, lenders felt comfortable enough to keep mortgage rates where they were. Paired with lingering concerns over the Eurozone's economy and lower than expected jobs numbers, everything seems to be working towards keeping interest rates suppressed.
Housing reports are the big news this week. This week has been quite different. Below are details on this week's roundup of economic reports.
- Tuesday: March Housing Starts Report
- Thursday: March Existing Home Sales Report
- Thursday: Leading Economic Indicators
NAR's monthly report on Existing Home Sales was laced with mixed news, but analysts are optimistic. While the total number of home sales was down, median sales prices rose. Both are being attributed to the drop in available inventory in March. With fewer homes flooding the market and an increase in buyer interest, real estate experts are hoping that markets around the country will start to become better balanced.
New housing starts didn't seem to fair as well in March. The latest New Housing Starts report found that starts dropped 5.8% in March compared to February numbers. Analysts had expected the number of starts to be higher, not lower, than last week. However, building permits were much higher than expected.
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.
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.