Releases Mortgage Rates Update - Low Inflation Promises to Keep Rates Steady

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Home buyers and sellers can get the latest mortgage interest rate information in the new weekly mortgage report. The report provides analysis on today's mortgages, economic activity, what is effecting mortgage rates and forecasts for movements in the market.

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Anyone wanting to buy a home or refinance will benefit from the lackluster economic reports that have recently been released. As noted in the mortgage report this week there was a dramatic drop in mortgage interest rates due to signs that the U.S. economy may be stalling. The 30-year fixed rate mortgage fell 14 basis points and the 15-year fixed rate mortgage dropped by 10 basis points.

Current mortgage interest rates are:

         4.11% - average rate for a 30-year fixed rate mortgage
         3.32% - average rate for a 15-year fixed rate mortgage

Last week there were very few economic reports and no big news that caused any real movement in mortgage rates, although the lower than expected job growth did have a slight impact. This week has been quite different. Below are details on this week's roundup of economic reports.

  •     Wednesday: Fed Beige Book released
  •     Thursday: Producer Price Index
  •     Friday: Consumer Price Index

The Fed's Beige Book survey, which influences the Fed decision making, gives people a look at the overall health of the U.S. economy by region. The survey found that the economy experienced steady growth in February and March. Job growth did slow in March, however this appears to be temporary.

The Producer Price Index and Consumer Price Index indicate inflation which has a direct effect on mortgage rates. The Producer Price Index remained unchanged in March. Luckily, the Consumer Price Index rose 0.3% which is slightly lower than last month. When volatile costs of energy and food are excluded it drops to 0.2%. This is a good sign that inflation won't cause mortgage rates to go up.

Also a topic of interest this week is the increased number of homes going into foreclosure. The rise in the number of foreclosed homes comes as 5 major mortgage lenders agreed to pay a $26 billion dollar settlement after it was discovered that they were signing off on foreclosures that weren't justified. Now that the settlement has been reached these banks are back to foreclosing on homes. is forecasting that due to the already steep drop, mortgage interest rates are likely to move sideways next week with little to no change.

To find more information on mortgage rates, homes listed for sale or to find real estate agents, please visit:

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Ace Elliott
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