Mortgage Rates Hold Steady

Published by: Kelly Curtis on 21st Jul 2011 | View all blogs by Kelly Curtis
Mortgage Rates Hold Steady

Mortgage giant Freddie Mac reported Thursday that mortgage rates held steady this week, keeping borrowing costs close their lowest level of the year as federal legislators continue to negotiate a deal to raise the debt ceiling.  The average rate for a 30 year, fixed-rate mortgage, the agency said, rose from 4.51 percent a week ago to 4.52 percent for the week ending Thursday.  The average 15 year fixed-rate loan, meanwhile, went from 3.65 percent a week ago to 3.66 percent.

Congress and President Obama are under increasing pressure to reach an agreement on raising the federal debt limit before the August 2nd deadline when the nation would begin defaulting on its financial obligations.  Investors are worried that the US credit rating may be downgraded, causing volatility in the nation's stock markets.  The yield for a 10-year Treasury note, which mortgage rates track, held below 3 percent this week.

In addition to the general slow pace at which the nation's economy appears to be recovering, the housing market is also being held back by tougher lending standards, high unemployment, and a massive oversupply of distressed properties that are bringing prices down.  The National Association of Realtors reported this week that sales of previously occupied homes fell in June to a seven-month low annual pace of 4.77 million.

Coronado Real Estate

Colorado Springs Condos

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