Mortgage Rate Survey - Week Ending July 31 - 2008
Author: Rob K. Blake
Published: August 1, 2008
Freddie Mac release mortgage rate survey results showing average 30 year fixed mortgage rates for the week ending July 31, 2008 down from to the previous week 0.11% from 6.63% to 6.52%.
Freddie Mac Chief Economist, Frank Nothaft, said,
“Mortgage rates moved lower this week as a drop in commodity prices eased market concerns over inflation pressures. For instance, the Department of Energy reported that gasoline prices were the lowest since the end of May, and oil prices were at levels not seen since early May.
“Meanwhile, there were mixed reports this week on the state of the U.S. housing market. While the months of supply for existing single-family homes for sale rose to 11 months in June, the supply of new homes fell for the second consecutive month to 7 months. Further, the seasonally-adjusted U.S. homeownership rose slightly from 68.0 percent in the first quarter of this year to 68.1 percent in the second, yet still below the 68.3 percent set in the second quarter of 2007.”
Check out the chart below to see other mortgage rates for different mortgage programs…
Good Luck!
Author: Rob K. Blake
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