Published Mortgage Rates Update – Rates Hold Steady

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The weekly mortgage rate report keeps buyers and sellers in the know on what’s happening with mortgage interest rates across the country. The report provides details on the major factors impacting today's mortgages - current economic activity, average rates and forecasts for trends in the mortgage market.

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The findings in this week’s mortgage report point towards a leveling off in the mortgage market after six weeks of dropping interest rates that led to record lows. Last week the Bankrate lender survey fell below 4% for the first time since they began collecting data. This week the 30-year fixed rate mortgage remained unchanged while the 15-year fixed rate fell one basis point.

Current mortgage interest rates are:
         3.97% - average rate for a 30-year fixed rate mortgage
         3.19% - average rate for a 15-year fixed rate mortgage

The few economic reports that were released last week held few surprises, which helped rates to hold steady this week. Europe’s continued economic issues also continues to be a major factor in keeping bonds and rates low in the states. Below is an overview of this week's most important economic activity.

  •         Tuesday: April Existing Home Sales report
  •         Wednesday: April New Home Sales report
  •         Thursday: April Durable Goods Orders
  •         Friday: Consumer Sentiment report

The housing sector received good news this week, with reports pointing towards more balanced markets as we move full swing into the summer months. Sales were up 3.3% in April and prices were also up in all regions of the country. Low interest rates are being accredited as one big reason there has been increased buyer interest the last few months.

After declining 3.7% in March, durable goods orders rose a modest 0.2%. Analysts were expecting a 0.3% increase, which would indicate that the manufacturing sector is improving despite the recent loses. The slight rise should help keep mortgage rates suppressed.

The improving housing market is partly to credit for the rise in consumer sentiment levels. A better jobs outlook and lower gasoline prices were also factors that led to the largest increase consumer sentiment in over 4 years. The index rose from 76.4% in March to in 79.3% April.

Next week, forecasts that rates continue to remain steady hovering at around 4% for 30 year fixed-rate mortgages and 3.2% for 15 year fixed-rate mortgages. Though the housing market is showing signs to stability, the economy in Europe is still on rocky ground which will have an even greater impact on rates.

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

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Ace Elliott
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