by STAFF WRITER Published October 28, 2010 Credit Unions Online
Freddie Mac's Primary Mortgage Market Survey (PMMS) indicates average 30 year fixed rate mortgages increase to 4.23 percent. This is an increase from last week's 4.21 percent. The 15 year fixed rate mortgage average a new low at 3.66 percent from last week's 3.64 percent.
"Mixed economic data releases left mortgage rates little changed this week. Consumer confidence increased slightly in October, according to The Conference Board , but still remains at low levels. Based on the S&P/Case-Shiller® 20-city composite index, house prices fell 0.3 percent between July and August, while the purchase-only index by the Federal Housing Finance Agency showed a 0.4 percent gain over the same period," said Frank Nothaft, vice president and chief economist at Freddie Mac.
Nothaft continued "Historically low rates are supporting home sales and reducing the excess stock of homes available for sale. Existing home sales, including condominiums and co-ops, rose for the second consecutive month in September, up almost 18.0 percent over July’s low. Similarly, sales of new homes had back-to-back increases and were 7.7 percent above July. The inventory of new homes for sale has either stayed the same or declined every month of this year."