Freddie Mac's most recent Primary Mortgage Market Survey revealed that mortgage rates continued to remain close to historic lows for the second-straight week, which may prompt more potential homeowners into action.
For the week ending September 22, the average rate was 4.09 percent for a 30-year fixed loan, the second-straight period the average remained at this record-low level. Compared to the same week the year before, the average is down from 4.37 percent. The rate for 15-year loans averaged 3.29 percent, falling from 3.30 percent the previous week and 3.82 percent the year before.
"A sluggish economy and investor concerns over the European debt markets left mortgage rates largely unchanged this week," said Freddie Mac chief economist and vice president Frank Nothaft. "The Federal Reserve Board reported that households lost nearly $150 billion in net worth in the second quarter, representing the first quarterly decline in a year."
Average rates for adjustable-rate mortgages grew during the week, as the rate for a five-year ARM was up from 2.99 percent the week before to 3.02 percent. Meanwhile, the rate for a one-year ARM averaged 2.82 percent, up from 2.81 percent the week before. Both rates were down from the year before.
With mortgage rates continuing to decline, more consumers may look to purchase homes, which could signal even more sales for the Houston real estate market following a successful August.
Courtesy of 2M Realty News