Mortgage rates fall to three-month low - Sacramento Business Journal:
The Federal Reserve's move to raise short-term interest rates the 16th consecutive time had no effect on long-term rates.
Freddie Mac's weekly mortgage rate report says the average 30-year fixed-rate mortgage fell this week, from 6.59 to 6.58 percent. Adjustable-rate mortgages also fell.
"Less-than-expected job growth in April helped mortgage rates to level off this week." says Freddie Mac (NYSE: FRE) chief economist Frank Nothaft. "However, next week's release of the April consumer and producer price indexes may lift mortgage rates higher if the figures show an acceleration in inflation."
Even with the modest decline this week, 30-year mortgages are still almost 1 percent higher than they were a year ago. A separate report from the Mortgage Bankers Association shows mortgage applications fell nearly 6 percent last week as higher rates slow home buying and refinancing.
In Sacramento, the median price for a house sold in March was $376,010, according to the California Association of Realtors, down less than 1 percent from the previous month, but still 5.2 percent higher than a year ago.
Freddie Mac's weekly mortgage rate report says the average 30-year fixed-rate mortgage fell this week, from 6.59 to 6.58 percent. Adjustable-rate mortgages also fell.
"Less-than-expected job growth in April helped mortgage rates to level off this week." says Freddie Mac (NYSE: FRE) chief economist Frank Nothaft. "However, next week's release of the April consumer and producer price indexes may lift mortgage rates higher if the figures show an acceleration in inflation."
Even with the modest decline this week, 30-year mortgages are still almost 1 percent higher than they were a year ago. A separate report from the Mortgage Bankers Association shows mortgage applications fell nearly 6 percent last week as higher rates slow home buying and refinancing.
In Sacramento, the median price for a house sold in March was $376,010, according to the California Association of Realtors, down less than 1 percent from the previous month, but still 5.2 percent higher than a year ago.
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