Average rate on mortgages stays at 4.4 percent
By Wire reports on Aug 16, 2013, at 2:27 AM Updated on 8/16/13 at 3:35 AM
Real Estate
U.S. homebuilders' confidence in the housing market held this month at its highest level in nearly eight years. But builders are starting to worry that sales may slow if mortgage rates continue to rise.
New home construction in the Tulsa region from January to August is outpacing last year's numbers, a continuation of the upward tick that started in 2012 following a six-year slide.
The nation's benchmark mortgage rate remained at the same level for a second week, giving prospective home buyers more time to lock in historically low borrowing costs.
Mortgage buyer Freddie Mac said Thursday that the average 30-year, fixed-rate home loan is going for 4.4 percent, unchanged from last week. That is a full percentage point higher than in early May, when rates neared record lows. Still, rates remain low by historical standards.
The average on the 15-year fixed loan edged up to 3.44 percent from 3.43 percent.
Low rates, a product of Federal Reserve policy, have boosted home sales and prices, contributing to a housing recovery that has helped drive economic growth this year.
Real Estate
U.S. homebuilders' confidence in the housing market held this month at its highest level in nearly eight years. But builders are starting to worry that sales may slow if mortgage rates continue to rise.
New home construction in the Tulsa region from January to August is outpacing last year's numbers, a continuation of the upward tick that started in 2012 following a six-year slide.
