ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL - 07/05/2012
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
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Mortgage rates sank to new lows this week as fears about a U.S. economic slowdown and the impact of the European debt crisis continue to make Treasuries and bonds that fund most mortgages look like safe bets to investors.
Rates on 30-year fixed-rate mortgage (FRM) averaged 3.62 percent with an average 0.8 point for the week ending July 5, down from 3.66 percent last week and 4.60 percent a year ago, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey. That's a new all-time low in Freddie Mac records dating to 1971.
For 15-year fixed-rate mortgages, rates averaged 2.89 percent with an average 0.7 point, down from 2.94 percent last week and 3.75 percent a year ago. That's also an all-time low in records dating to 1991.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
"Recent economic data releases of less consumer spending and a contraction in the manufacturing industry drove long-term Treasury bond yields lower over the week and allowed fixed mortgage rates to hit new all-time record lows," said Freddie Mac's chief economist, Frank Nothaft, in a statement.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
Growth in personal expenditures was revised downward to an annualized rate of 2.5 percent in the final GDP estimates for the first quarter of the year, Nothaft noted. The Mortgage Bankers Association said demand for purchase loans increased by less than a seasonally adjusted 1 percent for the week ending June 29 compared to the week before, but was down 7 percent from a year ago.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
The U.S. Federal Reserve -- which has helped keep mortgage rates low by buying up mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac -- could announce further "quantitative easing" when it meets next for two days beginning July 31.
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