Thursday, June 18, 2009

Mortgage Rates Down Slightly Week Ending June 18

According to Freddie Mac's survey, "Thirty-year fixed mortgages (FRMs) averaged 5.38% rates with an average 0.7 point, down from 5.59% last week."

Bankrate said in a media statement, "“The concerns about eventual inflation that drove bond yields and mortgage rates higher have been tempered by the reality of continued weakness in the economy.”

Other mortgage products were also slightly down from the previous several weeks. While in the 4's earlier this Spring, these rates are still lower than one year ago. Still, for the First Time Home Buyer relying on a tax credit to cover costs, every penny counts.

Ditto for the mortgageholder who wants to re-fi. But there could be trouble ahead: The Field Check Group's Mark Hanson says, "At present I estimate the there are $200bn in refi loan applications in process at lenders and brokers across the nation of which most will die unless rates get back at 5% with little cost — post-haste.”

See the mortgage numbers at HousingWire.
Related: Obama Proposes Regulation of Mortgage Products.

No comments: