Mortgage Rates Fall

I expect mortgage interest rates to fall .5% over the next couple of months.

There’s very little demand for mortgages. Ergo, the price of mortgages aka the interest rate, will feel pressure to drop.

Overall, the economic news for America is grim.

News report:

Mortgage rates in the U.S. continue to fall, following the trend of home prices, consumer confidence and manufacturing.

This marks the seventh straight week of decreases in fixed rates for both 30-year and 15-year loans, according to Freddie Mac’s weekly mortgage report. Every week, Freddie Mac officials calculate average mortgage rates by compiling rates from lenders across the U.S. on Monday through Wednesday.

-The 30-year fixed average was 4.55 percent, down from 4.6 percent last week. One year ago, the average was 4.79 percent.

-The 15-year fixed average was 3.74 percent, down 3.78 percent last week. It was 4.2 percent a year ago.

This week’s mortgage rates followed the path of U.S. Treasury yields, which trended down this week. Also influencing rates are falling consumer confidence and manufacturing, said Frank Nothaft, Freddie Mac’s chief economist.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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