Published Mortgage Rates Update – Rates Continue Their Decline

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The weekly mortgage rate report supplies buyers and sellers with information on what’s happening with mortgage interest rates across the country. The report discusses the major factors effecting mortgage rates today - current economic activity, average rates and forecasts for trends in the mortgage market.

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The slight pullback in monthly home sales is more likely due to supply constraints rather than softening demand.

As predicted in last week’s mortgage report, rates fell slightly again this week to new record lows, but they may fall further still. In this week’s report discusses the factors that led to the latest mortgage interest rates as well as this week’s economic events that could have an effect on rates in the coming days. This week the 30-year fixed rate mortgage slipped 2 basis points while the 15-year fixed rate dropped 1 basis point.

Current mortgage interest rates are:

         3.89% - average rate for a 30-year fixed rate mortgage
         3.16% - average rate for a 15-year fixed rate mortgage

The downward trend that began at the beginning of May continues on with no sign of stopping after the Federal Open Market Committee decided to keep the benchmark rate at almost zero. For those following interest rates it came as no surprise given the weak job growth and consumer spending. Though a number of real estate markets are doing better this year compared to last, things still haven’t picked up as high as hoped.

The continued economic turmoil in Europe is also suppressing mortgages here in the U.S. due to the appeal of investing in U.S. Treasuries. The bright side of the stifled global economies is that buyers and home owners can get the best rates on record.

This week there were numerous economic reports released. Below is an overview of this week's most important economic activity.

  •     Tuesday: May Housing Starts
  •     Wednesday: Fed Two Day Meeting and Press Conference
  •     Thursday: May Existing Home Sales

The most significant of the three events mentioned above is the release of the May Existing Sales report, which found that sales dropped 1.5% last month. However the decrease is being attributed to the lack of inventory rather than lack of buyer interest. NAR chief economist Lawrence Yun explained, “the slight pullback in monthly home sales is more likely due to supply constraints rather than softening demand”. “Even with the monthly decline, home sales have moved markedly higher with 11 consecutive months of gains over the same month a year earlier.” is predicting there will be a slight decline in mortgage interest rates again next week given that the economic situation in Europe and the U.S. remains largely unchanged.

To find more information on mortgage rates, new home listings and real estate agents, please visit:

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