For the 10th time in the last 11 weeks Freddie Mac reported a decline in fixed rate mortgages. The average interest on a 30 year fixed was 4.32% down from last weeks 4.36%. Economists credit the week economy and high unemployment rates.
As separate report from Bankrate, which is based on data provided by the top 10 banks in the U.S. also found mortgage rates falling. They reported the average conforming 30 yr fixed rate mortgage dropped from 4.59% to 4.53%. Bankrate said in their report “Nervousness about the economy brought mortgage rates lower, as has consistently been the case since May. An upcoming jobs report promises to add further volatility to mortgage rates.”
The company added, “While low mortgage rates have produced a surge in refinancing activity, they aren’t packing the same punch on home purchases because would-be buyers are saddled with existing real estate they can’t sell, are nervous about their jobs, or remain convinced that home prices have further to fall.”