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Even Lower Interest Rates for Mortgages This Week! Amazingly Low!
Today, 7/26/2012, Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 3.49%, down from last week when it was 3.53%. The average interest rate for 15 year fixed-rate mortgages was 2.80%, down from 2.83% last week. A year ago the 30 year rate was 4.55%. Two weeks ago I asked if we had finally reached a "bottom". I guess that for now anyway, the answer is a resounding "NO"! But enjoy them while we have them guys. Reports are saying that home prices are rising, and I suspect before this year is out, interest rates will rise as well. So don't wait too long!
Due to a few negative economic reports for the past month or two, treasury bond yields went doan, and as is usual, mortgage interest rates followed them down. Existing home sales fell in June to a level not seen since October 2011. (However, keep in mind that our current inventory of unsold homes is now much lower so it only makes sense that if there are less homes available for purchase, there will be less homes sold: John Elwell) New home sales also fell in June. These reports were the major factors that drove treasury bonds ... more

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