Mortgage Rates Continue Month-Long Slide

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This is good news for all parties in the housing industry. For a more detailed look at this subject – please read the article below.

The FHA Condos Approval Company, Inc.

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Mortgage rate declines have continued now for more than a month straight, bringing interest rates down once again to new 2014 lows.

In its weekly released Primary Mortgage Market Survey, Freddie Mac found the average rate for a 30-year fixed-rate mortgage (FRM) was 4.12 percent (0.6 point) for the week ending May 29, down from 4.14 percent last week and the lowest 30-year fixed average since October 2013.

The 15-year FRM also slid down, averaging 3.21 percent (0.5 point) compared to last week’s 3.25 percent.

The latest rate movements accompanied mixed news in the housing market, noted Frank Nothaft, Freddie Mac’s chief economist: “Fixed mortgage rates eased a bit for the fifth consecutive week as reports that existing home sales are up 1.3 percent but not as much as expected. However, new home sales rose 6.4 percent in April to a seasonally adjusted annual rate of 433,000, which followed an upward revision of 11,000 units for the prior two months.”

Movements were mixed for adjustable-rate mortgages (ARMs). According to Freddie Mac, the 5-year Treasury-indexed hybrid ARM averaged 2.96 percent (0.3 point), unchanged from the last survey. Meanwhile, the 1-year ARM averaged 2.41 percent (0.4 point), down from 2.43 percent.

To read the complete article – please use the link below.

Mortgage Rates Slide

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