Mortgage Rates Fall for 8th Straight Week
Mortgage Rates Fall for 8th Straight Week
Freddie Mac reported Thursday that U.S. mortgage rates have fallen for an eighth straight week, bringing the cost of a home loan lower as unemployment reached its highest level of the year. In the week ending Friday, the McLean, Virginia-based mortgage giant said the average rate for a 30-year, fixed-rate home loan was 4.49 percent, down from 4.55 percent the week prior.
Demand has been hindered in the housing market in recent weeks thanks to stringent borrowing requirements imposed by lenders and a lack of significant growth in the job market. Private employers across the nation added the fewest jobs in eight months in May, leading to an increase in the unemployment rate to 9.1 percent from 9.0 percent the month before.
The lower interest rates are having an impact on the refinance mortgage industry, as the Mortgage Bankers Association indicated in its weekly index of mortgage applications, issued Wednesday. The refinance portion of the group's index rose 1.3 percent for the week ended June 3rd, while the purchase portion dipped 4.4 percent.
Compared to last year at this time, mortgage rates are lower, with the 30-year fixed loan having averaged 4.17 percent a year ago. The most popular type of U.S. mortgage, it fell to a record-low 4.17 percent last November.
Freddie Mac reported Thursday that U.S. mortgage rates have fallen for an eighth straight week, bringing the cost of a home loan lower as unemployment reached its highest level of the year. In the week ending Friday, the McLean, Virginia-based mortgage giant said the average rate for a 30-year, fixed-rate home loan was 4.49 percent, down from 4.55 percent the week prior.
Demand has been hindered in the housing market in recent weeks thanks to stringent borrowing requirements imposed by lenders and a lack of significant growth in the job market. Private employers across the nation added the fewest jobs in eight months in May, leading to an increase in the unemployment rate to 9.1 percent from 9.0 percent the month before.
The lower interest rates are having an impact on the refinance mortgage industry, as the Mortgage Bankers Association indicated in its weekly index of mortgage applications, issued Wednesday. The refinance portion of the group's index rose 1.3 percent for the week ended June 3rd, while the purchase portion dipped 4.4 percent.
Compared to last year at this time, mortgage rates are lower, with the 30-year fixed loan having averaged 4.17 percent a year ago. The most popular type of U.S. mortgage, it fell to a record-low 4.17 percent last November.
Comments
Top Stories
Latest DT's
-
1 month ago by Geno -
1 month ago by dallaseste
-
2 months ago by Geno
-
2 months ago by Geno
-
2 months ago by Geno
-
2 months ago by Geno
-
2 months ago by Geno
-
2 months ago by Geno
-
2 months ago by dallaseste
Top Authors
Subscribe
Games
Alias
3 Foot Ninja 2
ALIAS 2
Air Dodge
Battle Tanks
Bomber Bob
Cable Capers
Gem Mania
Hacker
Hostile Skies
Mission Mars
Bowling
Samurai Warrior
The Pharoh's Tomb
Monkey Lander
Muay Thai
Action
Donkey Kong Banana Barrage
501 Dart Challenge
Rooftop Skater
Zelda
Donkey Kong
Xtreme Pinball
Tetris
Connect 4
Battleships
Frogger
Penguin Push
Online Video Poker
Spank The Monkey
Mob Pay Back
Dealer
Yeti Sports Seal Bounce
Hold Your Drink Steady
Solitaire
Canyon Glider
3D Sudoku
Metal Slug Rampage
Street Fighter II
Flashman
Disc Golf
Table Tennis
Ninja Air Combat
Celebrity Hitman Terrorist Alert
Spider Solitaire
Tubin
Presidential Knockout
Global Player
Ma Balls
Baseball
Beckham Fit
0 Comments
Click here to sign up now.