The 30 year rate for the week ending May 24, 2012 was 3.78%. this is down from the previous week of 3.79%. The Federal Reserve Board has not however announced whether it will continue to purchase long-term Treasury bonds. This is a key factor in keeping mortgage rates low. In New Jersey, home sales increased 25% percent the first four months of the year, largely because of reduced home prices, low interest rates, and increasing consumer confidence. (Souce: Asbury Park Press May 25, 2012)
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Thursday, May 31, 2012
Friday, May 11, 2012
POSITIVE NEWS ON MORTGAGE RATES, AND HOME SALE
Mortgage rates the week of 5/1/2012, as published by Freddie Mac, hit a 60 year low for fixed 30 year mortgages at an average of 3.84%. The National Association of Realtors stated that existing home sales were up 5.2% in March, from a year ago. Asking prices rose nearly 2% on homes for sale in February through April, compared with the prior 3 months. Mortgage standards however still remain tight. As seen in Asbury Park Press wk 5/1/2012.
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