Published Mortgage Rates Update – Rates Remain Low

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The weekly mortgage rate report supplies buyers and sellers with pertinent information about what’s happening with mortgage interest rates throughout the nation. The report discusses the major factors effecting mortgage rates today including current economic activity and average rates as well as forecasts for trends in the mortgage market.

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Buyers and homeowners looking to refinance will be happy to know that this week mortgage rates remained at record lows. This week’s mortgage report discusses the factors that led to the steady mortgage interest rates as well as this week’s economic news which could have an effect on rates in the coming days. This week the 30-year fixed rate mortgages and the 15-year fixed rate were unchanged.

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

Treasuries continued to be more attractive to investors at the start of the week due to the continued economic troubles in Europe. This has been a driving factor keeping mortgage rates suppressed here in the U.S.

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

  •     Monday: May New Home Sales Report
  •     Tuesday, Wednesday, Thursday: Large Treasury Auctions
  •     Thursday: First Quarter Gross Domestic Product Final Report
  •     Friday: Personal Income and Spending Report

The number of New Home Sales in May increased 7.6%, which was more encouraging than the drop in reported in Existing Home Sales last week. However, it’s important to keep in mind that low inventory levels for existing homes contributed to the lower than expected total sales. New home sales in June may see a similar trend in inventory since the number of May housing starts dropped 4.8%.

The Q1 GDP final report found that the GDP increased by 1.9%, the same finding as the last Q1 report but lower than originally expected. The news in the Personal Income and Spending report also found little change from previous reports with personal income increasing modestly and spending remaining flat.

With little changing in the economy, the mortgage team is predicting interest rates will again hold steady at their record low rates in the coming week.

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

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Ace Elliott
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