According to the FreddieMac.com weekly mortgage rates survey, interest rates fell this week due to inflation numbers, which had been a concern, being lower than expected.
Overall, unless you are extremely saving and know exactly how to play the mortgage market, rates bouncing around is not going to help you save money. It may actually cause you to lose money as the housing market continues to fall with the uncertainity of average mortgage rates.
Mortgage rates retreated after hitting a seven month high last week, according to the latest survey from mortgage financier Freddie Mac.
The popular 30-year fixed averaged 5.38 percent during the week ending June 18, down from 5.59 percent a week ago, but still a half-point higher than its all-time low of 4.78 percent in April.
A year ago, 30-year fixed mortgages averaged 6.42 percent, so rates are still historically very low. “It’s still too early to tell whether the decline in housing market activity has hit bottom yet. The prior three-week run up in rates for 30-year fixed mortgages, which amounted to over 0.75 percentage points, is starting to slow homebuyer demand, at least temporarily.”
“In addition, although new construction of one-family homes rose for the third consecutive month in May by 7.5 percent, and the National Association of Home Builders reported that homebuilder assessments of market conditions in June and for the remainder of this year had weakened.”
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