Average Rate Loan Fell
On Thursday, Freddie Mac said average rate loan fell to 4.63 percent from 4.71 on the 30-year. On the 15-year the average rate fixed mortgage slipped to 3.82 percent from 3.89 percent. Since December both are at their lowest points. This marked the fourth straight weekly decline. On the 10-year Treasury note, rates track the yield. It fell close to its lowest level of the year this week.
In the first three months of the year, most homebuilders reported a drop in new orders. It is an indication of future activity. Strict lending standards and job worries have kept potential buyers on the sidelines. Home prices down by high number of foreclosures. Some would-be buyers concerned that the prices of houses have yet to bottom out. On Thursday foreclosure listing firm RealtyTrac Inc. said in April than a year ago, fewer homeowners had their houses repossessed by banks.
Evidence surfaced that without properly reviewing each case, lenders pushed through foreclosures, in the last fall. The holdup threatens to push back a resolution to a meaningful recovery in housing and the foreclosure crisis. On Monday through Wednesday of each week, Freddie Mac collects rates from lenders across the country to calculate average mortgage rates. On a single day rates often fluctuate significantly.