Sacramento Real Estate Views

Sacramento Mortgage Rate Watch

Mortgage Rates Ease Downward

According to the FreddieMac.com weekly mortgage survey, interest rates fell this week due to inflation numbers, which had been a concern, being lower than expected.

Interest rates on a 30 year fixed rate mortgage averaged 5.38% down from 5.59% last week.

From the FreddieMac.com website:

“Reports of benign inflation figures reversed the upward trend of mortgage rates this week,” said Frank Nothaft, Freddie Mac vice president and chief economist.

He also said:

1)  It’s too early to tell if the housing market has hit bottom.

2)  The recent rise in interest rates has slowed homebuyer demand at least temporarily.

3)  Mortgage applications have fallen for the first time in a month.

4)  Home builder confidence has weakened for the remainder of the year.

Interest rates are predicated on so many economic factors that it’s virtually impossible to tell what they will do week to week.  Even the most adroit economists can only guess as to what rates will do.

For now, let’s hope they ease a little more and give confidence back to the marketplace.

Thanks for visiting!

Related posts:

1. Mortgage Rates At ALL TIME LOW!

Tags: mortgage rates sacramento

This entry was posted on Thursday, June 18th, 2009 at 7:32 pm and is filed under Market Commentary, Sacramento Mortgage Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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