First Time in 5 Weeks U.S. Mortgage Rates decreases

U.S. mortgage rates cut down for the first time in 5 weeks, falling borrowing costs from a 2 year high as the housing market healing illustrate a symbols of slowing. The average rate for a Thirty year fixed mortgage dropped to 4.51 percent this week from 4.58 percent the highest since July 2011. The average 15-year rate turn down to 3.54 percent from 3.6 percent, according to the McLean, Virginia-based company. At the meantime the five-year treasury indexed mixture adjustable rate mortgage that is (ARM) edged up to 3.24 percent, and the 1 year treasury indexed ARM fell to 2.64 percent.

We are starting to see some action of rising rates holding back sales, Mr. Jed Kolko chief economist at San Francisco based property listings service Trulia Inc. (TRLA) Rates most likely wont go reverse to where they were 6 months ago, at least not until the next big recession.

Rising home prices are serving lift borrowers out of negative equity letting more to refinance or sell properties without losing their money. About 12.2 million U.S. homeowners with a mortgage owed more than their property were importance at the end of the 2nd quarter, down from 15.3 million a year previous, Seattle based Zillow said

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