Jul 25, 2011

Mortgage Rates Stall

According to a report in the wall street journal,

Mortgage rates were mostly flat in the past week amid a series of mixed reports on the health of the U.S. economy, according to Freddie Mac's weekly survey of mortgage rates.

"Although both the overall producer price index and consumer price index fell moderately in June on lower energy costs, the core price indexes inched up," said Freddie Mac Chief Economist Frank Nothaft, adding that a consumer sentiment reading fell to the lowest level since March 2009.

The 30-year fixed-rate mortgage inched up to 4.52% in the week ended Thursday, from 4.51% the previous week, though that is down from last year's rate of 4.56%. Rates on 15-year fixed-rate mortgages were 3.66%, compared with 3.65% last week and 4.03% a year earlier.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.27%, down from 3.29% last week and 3.79% a year ago. One-year Treasury-indexed ARM rates were 2.97%, up from 2.95% in the prior week but down from 3.70% in the prior year.

To obtain the rates, fixed-rate mortgages required an average payment of 0.7 point, while adjustable rate mortgages required an average 0.5-point payment. A point is 1% of the mortgage amount, charged as prepaid interest.

Read more visit - http://online.wsj.com/article/SB10001424053111903554904576459902604976450.html?mod=WSJ_RealEstate_LeftTopNews

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