Low inflationary pressures allowed mortgage rates to fall to new lows again this week, according to today’s weekly rate survey from Freddie Mac.
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Subdued Inflation Sends Mortgage Rates to New Lows
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Mortgage applications for home purchases declined in August, despite falling interest rates that continued to set record lows and suggesting that home sales remain weak following July’s sharp declines.
The four-week moving average for home purchase mortgage applications is down 0.2 percent, the Mortgage Bankers Association reported this morning, despite a 1.8 percent gain last week. Compared to the same week one year ago, purchase applications are down 37 percent.
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Low Rates Fail to Spur Home Purchases
Educating borrowers to make better financial decisions might be a better way to protect them from risky mortgage products rather than banning such products entirely, one of the governors of the Federal Reserve has proposed.
And they keep going down, with no bottom in sight.
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Long-term Mortgage Rates Keep Falling
U.S. consumer debt, including mortgages and home equity loans, declined again in the second quarter of the year, as declines in home values and high unemployment continued to put the squeeze on household budgets.
Fixed-rate mortgages fell to new lows again this week, edging slightly downward in the weekly Freddie Mac rate survey.
Applications to refinance an existing mortgage surged last week, hitting their highest point since May 2009.
Saying that it’s time to “begin the process of weaning the markets away from government programs and make room for the private sector to get back into the business of providing mortgages,” Secretary of Treasury Tim Geithner this morning opened a conference focused on overhauling the way home purchases are financed in America.
Mortgage activity remained relatively flat last week, despite the lowest interest rates ever reported by the Mortgage Bankers Association (MBA).