(PRWEB) May 26, 2012
The findings in this week’s Homes.org 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, Homes.org 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.
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.