Mortgage rates fall for seventh consecutive week

Mortgage rates fell for the seventh straight week.For those interested in Houston real estate, there's no time like the present to begin the process, as Freddie Mac recently revealed a continued decline in interest rates for mortgages.For the week ending June 2, the company's Primary Mortgage Market Survey recorded a lower rate for the seventh consecutive week. Thirty-year fixed-rate mortgages fell to 4.55 percent, down week-over-week from 4.60 percent. Year-over-year, the rate is also down, falling from 4.79 percent.Fifteen-year fixed-rate mortgages were also down, settling at 3.74 percent. Week-over-week, the rate fell from 3.78 percent, while year-over-year, it is down from 4.20 percent.”Fixed mortgage rates followed U.S. Treasury yields lower this week amid financial market concerns that the current lull in the economy is continuing,” said vice president and chief economist of Freddie Mac, Frank Nothaft. “First quarter growth in consumer spending was revised downward by half of a percentage point to 2.2 percent, according to the Bureau of Economic Activity, consumer confidence in May was weaker than the market consensus forecast, and the manufacturing industry slowed for the third straight month in May.”Five-year Treasury-indexed hybrid adjustable-rate mortgages stayed stagnant week-over-week, remaining at 3.41 percent. Year-over-year, the rate is down from 3.94 percent. One-year ARMs settled at 3.13 percent, which was up week-over-week from 3.11 percent, but down considerably year-over-year from 3.95 percent.Courtesy of 2M Realty News

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