Austin, TX (PRWEB) January 04, 2012
In the first Homes.org weekly mortgage rate report of 2012 it's clear that some of the factors affecting rates last year will continue on, while new contributing factors are already beginning to crop up. While rates remain low it is unclear whether this year will top 2011 which had the lowest mortgage rates in history, according to Bankrate.com.
Due to the holidays last week had less economic activity than usual resulting in little affect on mortgage rates, though they did rise slightly last week. However, as of today mortgage rates have dropped back down again despite lagging U.S. bond sales.
Current interest rates are:
3.94% - average rate for a 30-year fixed rate mortgage
3.28% - average rate for a 15-year fixed rate mortgage
Last week the Initial Jobless Claims report showed that claims were higher than expected but not enough to cause movement in the mortgage markets. More important for rates was the Pending Home Sales report which showed pending sales were up 7.3%. This came after the National Association of Realtors November Existing Home Sales Report which found the same results and noted that dropping sales prices are causing more activity in many markets.
This week the Fed will release the minutes of their last meeting which may give insight into what they have planned in the near future that could possibly be affecting interest rates. There will also be another Initial Jobless Claims report on Thursday followed by the December Jobs Report on Friday.
Other factors that will affect the movement of mortgage rates this week include ongoing actions to stabilize the EuroZone's economy as well as watching to see whether Iran hinders the flow of oil resources through the Straight of Hormuz which would decidedly affect the U.S. economy. In the first day of trading for 2012 U.S. bond sales were down compared to previous weeks, and as noted in previous reports lower bond sales translates into higher interest rates.
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.