Hi,

A series of economic factors have succeeded in pushing down mortgage rates still further. The average 30-year FRM declined by six basis points to close at 6.27%. The average 5/1 ARM also declined to close at 6.03%. Movements of the Shanghai stock index and delinquencies in sub prime mortgages have clearly left their mark on mortgage rates.

Measures such as more stringent regulations for qualifying borrowers to mortgage loans are bound to affect the housing sector in an adverse manner. This can be bad news for an industry that is still trying to regain its equilibrium.

Surveys indicate that sale of used homes fared better than that of new homes. Slower economic growth and weaker employment levels can help in containing inflation. But if the economy weakens it can only add to credit-related problems.

It will take some more time to gauge whether the problems of sub prime mortgages have seeped into Alt-A mortgages and the broader mortgage market, and understand its true impact on mortgage rates.

Cheers
Rob Thomos
robthomos19@yahoo.com
http://www.mortgages-expo.com/mortgage-brokers-state.htm

According to Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 6.18% for the week ending March 1, down from last week's 6.22% average. The mortgage averaged 6.24% a year ago. The 15-year fixed-rate mortgage averaged 5.92%, down from 5.97%. The mortgage averaged 5.89% a year ago.

4 months on and the subprime section isn't faring well just yet, lots of people are facing foreclosures..

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Bad Credit history not such a problem with mortgages:
mortgages for people with bad credit, bad credit mortgage and IVA mortgage

In L.A. County, more than 2,500 properties went into foreclosure in the second quarter of this year.

That's up from 287 a year ago, a jump of 799 percent.

287 to 2500 that is a little bit of a jump.

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Ki Gray - Austin Realtor

Working in Austin his site covers the Austin Real Estate market. If you are considering investing in Austin be sure to check out his Austin Real Estate Blog or look through some of the Austin Homes for sale on his site.

Great thread,
Mortgage Interest rates are probably the most important part about buying a house. After all, your aim is to borrow the money you need for the least possible cost, so you need to assess which type of interest rate is best for your particular circumstances. The information on Mortgage rates is quite interesting. As we move into the last month of 2007, mortgage interest rates are continuing to decrease. They are now at the lowest point in more than two years, thus opening a bit wider the door of opportunity for home buyers. It’s now at the lowest rate since January of last year. This is a popular option for many homeowners who are now refinancing their mortgage.

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LiveMortgageFree

Self Promotion Removed

Interest rates do have signficance when it comes to buying a home, but in my opinion it's the service and relationship that the Loan Officer provides to the client that is the deciding factor.

With regard to rates, though, I hope that everyone is watching the MBS movement over the past couple of days. The MBS ended in the green again today which is excellent! We probably won't see a signficant change in pricing tomorrow, but you most likely will see an 1/8th improvement. Only time will tell!

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Andy Scherer
Senior Loan Specialist
Mortgage Trainer