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Mortgage rates remain low April 15, 2007

Posted by Jay Medina in News and Information.
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Mortgage rates are remaining at near historic lows, keeping the “window of opportunity” open for home buyers and homeowners who want to refinance their mortgage. During the last week in March, the average rate for a 30-year, fixed-rate mortgage was 6.16 percent with 0.4 points (fees), according to Freddie Mac, a major government-sponsored buyer of existing mortgages. The average rate for 15-year fixed-rate loans is 5.86 percent.

“Recent data has been sending conflicting signals about the direction of the housing market,” said Frank Nothaft, Freddie Mac’s chief economist. “The rise in existing home sales in February to a 6.69 million unit pace, the highest level since last April, offered some hope of firming in housing demand. In contrast, February’s new home sales fell unexpectedly to 848,000 units, the slowest pace since June 2000, suggesting that more time will be needed before a housing recovery takes place.

“Despite concerns about possible spillovers from troubles in the subprime market, rates on 30-year fixed-rate mortgages remain stable. The low rates support affordability and aid in the ultimate recovery of the housing market.”

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1. Susan - April 20, 2007

That’s the best news I heard/read today, not just for home buyers and homeowners but for home mortgage lenders who are just starting on in the business or on their way down because of the recent issues on the subprime market. But of course it’s not gonna last. So the question here is, until when will this good news last?


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