Just when you think everything in real estate is going to the dogs, mortgage rates dropped for the sixth consecutive week, according to surveys conducted by Freddie Mac and Bankrate.com.
Inman News has added this latest news to the Inman Blog and is asking readers to discuss what this means. Is this housing market like Superman or what?
Economists keep telling us things are slowing down and interest rates are set to rise, yet the data is showing sales are leveling in some markets while rates are ticking down. What gives?
To give your opinion, go to the Inman Blog entry titled, “Just when you think everything is going to the dogs!” and enter the comments section.
In Freddie Mac’s survey released today, the 30-year fixed-rate mortgage averaged 6.1 percent for the week, down from last week’s average of 6.15 percent. The average for the 15-year fixed-rate mortgage was 5.67 percent, down from 5.71 percent a week ago.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.75 percent in Freddie Mac’s survey, down slightly from 5.76 percent last week. And the one-year Treasury-indexed ARM averaged 5.18 percent, up from 5.15 percent.
In Bankrate.com’s survey, the average 30-year fixed-rate mortgage fell from 6.22 percent to 6.12 percent, and the average 15-year fixed mortgage rate fell from 5.8 percent to 5.73 percent.
Adjustable-rate mortgages followed suit, with the average 5/1 adjustable-rate mortgage stepping down from 5.82 percent to 5.71 percent, and the average one-year ARM declining from 5.54 percent to 5.46 percent, according to Bankrate’s survey.
Visit the Inman Blog comments section to discuss.
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