(PRWEB) February 03, 2012
The Homes.org weekly mortgage rate report found that mortgage interest rates rose last week despite the Fed's announcement of long term plans to keep base interest rates at record. However, since that climb rates have again fallen back down to record lows. The up and down movement has been a product of investor confidence that the U.S. economy is growing stronger and government actions to help the housing market. This back and forth tug of war in interest rates is right in line with Homes.org's forecast last week.
Current interest rates are:
4.12% - average rate for a 30-year fixed rate mortgage
3.34% - average rate for a 15-year fixed rate mortgage
In the last week, 30-year fixed-rate mortgages fell by 12 basis points while the 15-year fixed-rate mortgage dropped 11 basis points. This time last year the 30-year fixed was at 5.02%.
The Homes.org Weekly Mortgage Rates Update identifies the five reports coming out this week that could impact interest rates and how.
- Monday - December Personal Income and Outlays Report
- Tuesday - Consumer Confidence Report
- Thursday - Initial Jobless Claims Report and 4th Quarter Productivity Report
- Friday - Jobs Report
Homes.org is forecasting that there will likely be more steady movement over the next week with the possibility of a slight increase. There aren't any big announcements being made by the government as was the case the last two weeks and the positive outcome in the market reports this week will probably keep investor confidence higher in the U.S. Especially since Europe is still struggling over their own economic issues.
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.