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Looking ahead, economic news for this week includes the Existing Home Sales report for April with an expectation of 5.00 million homes sold on a seasonally-adjusted annual basis against the March tally of 4.93 million homes sold.
Also set for release on Wednesday are the Federal Open Market Committee (FOMC) Minutes for the meeting held April 30 and May 1.
Mortgage rates rose last week with average rates a 30-year fixed rate mortgage rising from last week’s 3.35 percent to 3.42 percent with buyers paying all closing costs and 0.7 percent in discount points.
Mortgage rates fell last week and approached or reached record low levels. According to Freddie Mac, the average rate for a 30-year fixed rate mortgage (FRM) fell from 3.40 percent to 3.35 percent. Average rates for a 15-year FRM moved from 2.61percent to 2.56 percent.
Mortgage rates fell again last week and are again near record lows.
According to Freddie Mac, the average rate for a 15-year fixed rate mortgage did achieve a record low of 2.61 percent as compared to 3.1 percent one year ago.
The average rate for a 30-year fixed rate mortgage fell to 3.40 percent and near the record low of 3.31 percent.
Mortgage rates fell for the third consecutive week. According to Freddie Mac, the average rate for a 30-year fixed rate mortgage fell by two basis points to 3.41 percent as compared to last week’s 3.43 percent and 3.90 percent year-over-year.
Mortgage rates saw little change last week amidst mixed economic news.
Treasury auctions held on Tuesday, Wednesday and Thursday saw weak demand; this could have been caused by the FOMC minutes that were released on Wednesday.
Last week’s economic news includes several factors that drove U.S. mortgage rates lower.
Mortgage rates fell last week as investor concerns over the European economy grew.
Fears of growing differences between wealthier European nations and European nations needing economic aid brought higher bond prices and lower mortgage rates.
Last week’s positive employment reports were good news for the economy, which typically causes mortgage rates to rise, but mortgage rates ended the week lower.
Mortgage rates and stock markets rose last week in response to a strong jobs report and lower national unemployment rate. The Dow Jones Index reached record levels last week.
Josette Skilling
Associate Broker
Phone: 301-385-9213 (cell)
240-383-1350 (office)
Email: Josette Skilling
Skilling Properties
Evers & Co.
Real Estate Inc.
7032 Wisconsin Avenue
Chevy Chase, MD 20815
Selling the Area's Finest Properties
Josette Skilling, a Realtor for over 10 years, brings a wealth of business knowledge to her career as an Associate Broker and Co-Founder of her team at Keller Williams Capital Properties.
With a background in IT and a degree in French it might not seem an intuitive choice, but all have a common element: puzzle solving. Josette's analytical skills and ability to resolve complex issues have allowed her to transition quickly to the complex world of real estate. Read more...
Jeanne and I had listed our home with another broker and had no success in attracting a buyer. Josette was able to come in and identify the issues which were preventing us from selling and help us to very quickly turn our home into a very sellable product.
She worked tirelessly on our behalf, even painting walls and packing boxes! She’s a tough taskmaster but it’s truly in your best interest to listen to her wisdom – she knows what buyers are looking for and how to make your home show up on their top 3 list. And every detail along the way was taken care of for us all the way up to a very smooth and successful settlement.
We are very thankful for Josette’s knowledge and integrity and her ability to help us make good decisions. We recommend her without reservation as the agent who will help you make good decisions and who will always act in your best interests Sincerely, Ed and Jeanne Reedy
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