WASHINGTON - Mortgage rates for 30-year loan fell to its lowest level in more than eight months.
The average for a 30-year fixed loan fell to 4.39 percent in the week ended yesterday from 4.55 percent, according to Freddie Mac. The average 15-year fixed loan fell to a record 3.54 percent to 3.66 percent.
The decline followed a slide in yields on 10-year Treasury notes, which is the lowest level since November on Wednesday touched the growing concerns that the economy is slowing.
The price for a 30-year fixed-rate mortgage is the lowest level since the week ending 18 November, when they also 4.39 percent.
It was the beginning of November to 4.17 percent, the lowest in Freddie Mac records, around 1971.
The low borrowing costs have done little to boost home sales, since the banks to tighten lending standards, the unemployment rate stuck above 9 percent and a flood of foreclosed properties drag down prices.
About 22.7 percent of homeowners with mortgages were under water in the first quarter, which means they owe, as are their properties are worth, according to CoreLogic Inc.
Last week 30-year fixed mortgage fell to 4.45 percent, and 15-year mortgages hit a new low of 3.52 percent, which means, apparently anyone who can afford a house payment had so much incentive as possible from the financing side and go to close on a house. But the real estate market shows no real signs of recovery, and it does not look so large on the horizon, either.
Mortgage Bankers Association says a CNBC representative of negative equity - suffered by those who are at home underwater world - and the poor job market are to stop people from buying homes and refinancing. Purchases have crept a bit, but still down when compared to historical standards.
Assuming similar comments from economists quoted in the post, it seems the home market must be driven by an economic recovery, rather than vice versa.
The average for a 30-year fixed loan fell to 4.39 percent in the week ended yesterday from 4.55 percent, according to Freddie Mac. The average 15-year fixed loan fell to a record 3.54 percent to 3.66 percent.
The decline followed a slide in yields on 10-year Treasury notes, which is the lowest level since November on Wednesday touched the growing concerns that the economy is slowing.
The price for a 30-year fixed-rate mortgage is the lowest level since the week ending 18 November, when they also 4.39 percent.
It was the beginning of November to 4.17 percent, the lowest in Freddie Mac records, around 1971.
The low borrowing costs have done little to boost home sales, since the banks to tighten lending standards, the unemployment rate stuck above 9 percent and a flood of foreclosed properties drag down prices.
About 22.7 percent of homeowners with mortgages were under water in the first quarter, which means they owe, as are their properties are worth, according to CoreLogic Inc.
Last week 30-year fixed mortgage fell to 4.45 percent, and 15-year mortgages hit a new low of 3.52 percent, which means, apparently anyone who can afford a house payment had so much incentive as possible from the financing side and go to close on a house. But the real estate market shows no real signs of recovery, and it does not look so large on the horizon, either.
Mortgage Bankers Association says a CNBC representative of negative equity - suffered by those who are at home underwater world - and the poor job market are to stop people from buying homes and refinancing. Purchases have crept a bit, but still down when compared to historical standards.
Assuming similar comments from economists quoted in the post, it seems the home market must be driven by an economic recovery, rather than vice versa.
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