(PRWEB) August 04, 2012
The Homes.org weekly mortgage rate report details the most important economic news effecting interest rates over the last seven days. Last week rates fell very slightly to new record lows, but that wasn’t the case this week. This week 30-year fixed rate rose by 2 basis points while the 15-year fixed rate mortgages fell by 1 basis point.
Current mortgage interest rates are:
3.77% - average rate for a 30-year fixed rate mortgage
2.99% - average rate for a 15-year fixed rate mortgage
The continued weakening of the European economy has helped suppress interest rates in the U.S., but it was the Fed’s talk of more Quantitative Easing that had the larger effect on rates this week. The drop in Initial Jobless Claims also led to a situation that was ripe for rate rises.
There were a number of important economic reports released this week. Below is an overview of this week's most important economic activity.
- Tuesday: Consumer Spending and Personal Income reports
- Wednesday: ISM Index
- Friday: Jobs Report
The Commerce Department’s economic reports held both positive and negative results, but few surprises. For the first time in almost a year Consumer Spending fell in June, however it was by a very modest 0.1%. Household Income on the other hand rose by 0.5% during the same time. The rise is slightly better than analysts had expected.
ISM Index measures the health of the manufacturing section and this month’s measurement was much better than the one before. The index for July was 55.2, which is indicative of expansion. Anything above 50 indicates an increased rate of activity. Also during July the 6 month rose from 56.7 to 61.7.
The most influential report out this week is July Jobs report. Analysts predicted that the unemployment rate would remain unchanged and only 100,000 jobs would be created.
The Homes.org mortgage team is forecasting that rates will either remain the same or possibly increase a point or two again next week.
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.