Mortgage Rate Outlook
Posted by Lauren Spencer on
Sep. 4, 2009 -- Mortgage rates ended summer on a softer note, drifting back to late-spring levels. A pause (at least) in stock markets after a strong summer run saw some investors shift cash from equities into less-risky investments to lock in gains, driving influential Treasury yields lower.
The overall average rate for 30-year fixed-rate mortgages revealed in HSH's Fixed-Rate Mortgage Indicator (FRMI) nudged downward, slipping seven basis points (.07%) to close the first week of September at 5.56%. The overall average for 5/1 Hybrid ARMs lost five basis points to landing at 4.87%. Conforming 30-year FRMs finished the period at 5.25%, a level last seen in late May.
Construction Spending fell by 0.2% in July, while outlays for commercial properties…
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