Mortgage rates went down slightly for the second week in a row after having risen two weeks ago, Freddie Mac said Thursday.
The average rate on a 30-year fixed-rate loan edged down from 6.69% previous week to 6.67% for the week ending June 28. Last year at this time, the average 30-year mortgage rate was 6.78 percent.
The rate on a 15-year loan averaged 6.34 percent, down from 6.37 percent a week ago. Last year, the 15-year rate averaged 6.43 percent.
5-year Treasury-indexed adjustable-rate mortgages came down from 6.31 percent last week to an average 6.30 percent this week. A year ago, the 5-year ARM averaged 6.39 percent.
One-year Treasury-indexed ARMs averaged 5.65 percent this week, down from 5.66 percent last week. At this time last year, they averaged 5.82 percent.
This change is the effect of the current housing recession. "May's existing home sales fell 0.3 percent to the slowest pace since June 2003, and the number of months houses were available for sale rose to 8.9, the longest since June 1992," said Frank Nothaft, Freddie Mac vice president and chief economist.
Rising rates, among other factors, have caused industry groups, the Mortgage Bankers Association (MBA) and the National Association of Realtors to push back their forecasts for a home price recovery.
Source: CNN Money
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