My Real Estate Blog

May 27th, 2011 8:08 AM
Freddie Mac today released the results of its Primary Mortgage Market Survey which shows slower economic activity pushing fixed-rate mortgages slightly lower for the sixth consecutive week. The 30-year averaged 4.60%; the 15-year averaged 3.78%, marking new lows for 2011.
 

5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.41% this week, with an average 0.5 point, down from last week when it averaged 3.48%. A year ago, the 5-year ARM averaged 3.97%.  

The index of leading indicators fell 0.3% in April and represented the first monthly decline since June 2010. In addition, the Federal Reserve banks reported less business and manufacturing activity in Philadelphia, Chicago and Richmond.

Nationwide, house price indexes may be nearing a bottom soon. On a national basis, prices fell 0.3 percent between February and March, which was the smallest decline since November 2009, according to the Federal Housing Finance Agency. In addition, four of the nine Census Regions exhibited positive growth, compared to none in February. Separately, the Mortgage Bankers Association reported a further reduction in the serious delinquency rate (90 or more days plus foreclosures) in the first quarter, which stood at the lowest reading since the second quarter of 2009.

Posted by Jim McCowan on May 27th, 2011 8:08 AMPost a Comment (0)
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