Homes.org Releases Mortgage Rates Update - Interest Rates on the Rise

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The latest Homes.org weekly analysis of mortgage rates shows that interest rates trended upwards over the last seven days. The weekly mortgage report explains the current rates for 30-year and 15-year fixed mortgage, what's impacting interest rates and what's likely to affect mortgage rates in the coming days and weeks.

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The latest Homes.org mortgage rate report shows that interest rates increased slightly at the end of last week after record lows the week prior. Still, the current mortgage interest rates are far lower than they were this time last year, almost a full percent, and they're lower than they were just 4 weeks ago.

Current interest rates are:

         4.16% - average rate for a 30-year fixed rate mortgage
         3.38% - average rate for a 15-year fixed rate mortgage

Last week the U.S. economy continued to show signs of improvement, and the European economy also took a step in the right direction when the bailout for Greece was finally approved. However, despite the bailout many economists still have doubts about the stability of Europe's economy. The good news for the U.S. is that economist are now saying that the Eurozone's economic woes aren't expected to have as significant an effect on the as previously thought.

A number of recent economic reports are having more of an effect on U.S. mortgage interest rates. The reports include:

  •     Wednesday - January Existing Home Sales report
  •     Thursday - Consumer Sentiment Index
  •     Friday - New Home Sales
  •     Friday - Jobless Claims

It was another good week for the U.S. economy, especially the real estate industry. Probably the most important report where mortgage rates are concerned was the January Existing Home Sales report which showed an increase in both actual sales as well as pending sales last month. The steady improvement over the last several months has industry professionals hopeful that 2012 is going to be the year that real estate starts seeing real recovery.

The New Home Sales report told a slightly different story, however. After four months of increased sales, January has a decrease of .9%. But this was coming off of December which had the highest number of sales for the entire year of 2011.

The Consumer Sentiment Index reported very positive news for the economy overall. It was the fifth consecutive improvement in consumer confidence which was at its highest level since April 2008, right around the time the great recession took full affect. People are probably more optimistic now that the jobs situation seems to be on the mend. Jobless claims held steady at the lowest rate since March 2008. Experts are also now expecting the unemployment rate to continue to decline to around 8% by years end.

Homes.org is forecasting that mortgage rates will hold steady this week, likely to move more sideways than up or down.

To compare current mortgage rates, see the newest home listings or find local real estate agents, please visit: Homes.org

About Homes.org

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.

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Ace Elliott
Homes.org
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