ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL- 04/01/2013

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL - 04/01/2013

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Mortgage rates edged up last week as investors shook off worries about the European debt crisis and remained optimistic about the U.S. economy and prospects for growth.

Rates on 30-year fixed-rate mortgages averaged 3.57 percent with an average 0.8 point for the week ending March 28, up from 3.54 percent last week but down from 3.99 percent a year ago, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Rates on 30-year fixed-rate loans hit a low in Freddie Mac records dating to 1971 of 3.31 percent during the week ending Nov. 21, 2012. 

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

For 15-year fixed-rate mortgages, rates averaged 2.76 percent with an average 0.7 point, up from 2.72 percent last last week but down from 3.23 percent a year ago. Rates on 15-year fixed-rate loans hit a low in Freddie Mac records dating to 1991 of 2.63 percent during the week ending Nov. 21, 2012. 

Looking back a week, applications for purchase loans rose a seasonally adjusted 7 percent for the week ending March 22 from the previous week, according to a separate survey by the Mortgage Bankers Association. Demand for purchase loans was up 10 percent from a year ago. 

News that home prices posted strong gains in January helped drive the Dow Jones Industrial Average to a record high Tuesday and push the S&P 500 Index to just two points short of its own all-time high. 

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

When investors are confident about the economy, they have more appetite for risky investments like stocks and less appetite for conservative investments like mortgage-backed securities (MBS) that fund most U.S. mortgage loans. Reduced demand for MBS causes their prices to fall, pushing up yields and mortgage rates. 

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Strong economic growth also fuels speculation that the Federal Reserve will scale back the pace of its MBS purchases.

The Fed is currently buying $40 billion in MBS and $45 billion in long-term Treasurys a month to keep rates low, encourage borrowing, and stimulate growth.