Mortgage Rates Continue to Inch Upward
The 5-year adjustable-rate mortgage also is inching up slightly, averaging 3.72 percent this week from 3.7 percent last week.
Overall, “mortgage rates were little changed after an encouraging employment report from the Bureau of Labor Statistics,” says Frank Nothaft, the chief economist at Freddie Mac. The improved job picture could soon provide a boost to housing. The unemployment rate fell for the fifth consecutive month in March to 8.8 percent–the lowest rate in two years, Nothaft notes.
But despite the improving job picture and low interest rates, the tightening of credit standards continue to keep some buyers out. KB Home this week reported a 32 percent drop in new home orders for the December through February quarter. Lennar Corp. said that its new homes also have fallen 12 percent in that same time period.
Mortgage Rates Continue to Inch UpSource: “Mortgage Rates Change Little Amid Positive Employment Report,” Freddie Mac (April 7, 2011) and “Rate on 30-Year Mortgage Still Below 5 Percent But Housing Market Remains in Doldrums,” The Associated Press (April 7, 2011)
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