Freddie Mac announced the release of the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage averaged 5.42 percent for the week ending June 25, 2009, up from last week when it averaged 5.38 percent. This may not be the sub-5 percent rates that were spoiling consumers of late, but last year at this time, the 30-year FRM averaged 6.45 percent.
The 15-year fixed rate mortgage this past week averaged 4.87 percent, down from last week when it averaged 4.89 percent. Last summer, the 15-year FRM averaged 6.04 percent.
“Mixed economic reports on the state of the housing market helped hold mortgage rates fairly flat this week,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Existing home sales rose for the second consecutive month in May by 2.4 percent, slightly less than the market consensus forecast; however the median sales price was 16.8 percent below that of the same time last year, according to the National Association of Realtors® (NAR). In contrast, new home sales fell 0.6 percent and the median sales price was only 3.4 percent lower than May 2008.
On a more positive note, the inventory of unsold homes has lessened from a year ago, which may help cushion further house price declines. The number of existing homes for sale was 15.3 percent below that of May 2008, and new homes for sale fell by 35.9 percent. In addition, distressed properties accounted for only about one-third of existing home sales in May, down from over a half in March, according to the NAR.”
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