(PRWEB) July 07, 2012
The findings in this week’s Homes.org mortgage report will make buyers and homeowners that are looking to refinance very happy. After remaining steady last week, mortgage rates have dropped to record lows once again. This week the 30-year fixed rate mortgages fell two basis points and the 15-year fixed rate fell three basis points.
Current mortgage interest rates are:
3.87% - average rate for a 30-year fixed rate mortgage
3.13% - average rate for a 15-year fixed rate mortgage
Last week there was very little change in the U.S. and European economies. Though the economy here is moving at an extremely low pace, the European situation is still even more unstable. Paired with reports that showed inflation is in check, the conditions were favorable for lowered rates.
This week there were numerous economic reports released. Below is an overview of this week's most important economic activity.
- Monday: Institute for Supply Management’s Manufacturing Index
- Friday: June Jobs Report
The index indicates the sentiment within the manufacturing sector was well as potential expansion or retraction. The index dropped to 49.7%, a substantial decline from the reported 53.5% in May. Anything below 50 indicates a contraction in manufacturing, and this is the first time since July 2009 that the index hit that level. After the release of the report 10-year Treasury notes yield dropped significantly.
The June jobs report didn’t offer a lot of optimism either. The unemployment rate stands at 8.2% after only 80,000 jobs were added last month.
The Homes.org mortgage team predicts that interest mortgage rates are unlikely to go up in the coming week now that more reports show a stalling in the economy.
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.