Nation's home loans hover near record-low averages
September 2nd, 2011 5:16am
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According to Freddie Mac's most recent Primary Mortgage Market Survey, the average interest rates for the nation's home loans remain close to record lows, which could entice consumers to purchase homes.For the week ending September 1, interest rates for 30-year fixed-rate mortgages remained at an average of 4.22 percent for the second-straight week. However, this average is down from 4.32, which was recorded during the same week in 2010. Fifteen-year ARMs also experienced a declining average rate, settling at 3.39 percent, which is down from 3.44 percent the week prior and 3.83 percent in 2010.
"Weaker economic data reports eased upward pressure on mortgage rates this week and kept them at or near all-time record lows," said Frank Nothaft, Freddie Mac's vice president and chief economist. "The economy grew at a slower rate of 1 percent in the second quarter than was originally reported due to a smaller increase in inventories and fewer exports."
The average rate for five-year adjustable-rate mortgages declined to 2.96 percent from 3.07 percent the previous week and 3.54 percent the year prior. Rates for one-year ARMs averaged 2.89 percent, which is below the average of 2.93 percent for the week ending August 26 and 3.50 percent the year before.
With rates remaining low and prices still affordable for many Houston properties, the region's real estate sector may continue to post increasing sales figures into September.
Courtesy of 2M Realty News
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