Staff -- Casual Living, 8/1/2007 12:00:00 AM
While mortgage rates have taken a slight reprieve from the 11-month high experienced in June, buyers are still experiencing difficult times when it comes to mortgage financing due to both higher mortgage rates and stringent lending standards, according to Freddie Mac.
Mortgage rates on 30-year mortgages fell to an average 6.63 % at the beginning of July from the mid-June rate of 6.74 %.
Looming concerns about inflation, the continuing strength of consumer and business spending weakened the hopes for an interest rate cut by the Federal Reserve, according to Freddie Mac's chief economist Frank Nothaft. However, the easing of investor's fears about inflation apparently contributed to the mortgage rate dip in early July. This is good news for people in the market to buy a home and those selling products to them.
|Data refers to place of residence
Source: Bureau of Labor Statistics
|May 4.5%||April 4.5%|
|r = revised; p = preliminary
Covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate.
Nonrevolving credit includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers or vacations. These loans may be secured or unsecured.
Source: Federal Reserve
May '07 numbers are preliminary
Source: Bureau of the Census and National Assn. of Realtors
|Change from May '06||-21.7%||-11.0%||-18.9%||-21.1%||-28.1%|
|Change from May '06||-24.2%||-2.5%||-17.9%||-23.1%||-38.0%|
|New home sales|
|Change from May '06||-15.8%||+19.1%||-14.5%||-17.9%||-21.1%|
|Existing home sales|
|Change from May '06||-10.3%||-3.5%||-6.6%||-11.9%||-16.3%|
|Source: Data Network, Huntington, N.Y.
Information and data herein, though believed accurate, is not guaranteed. Data Network is not liable for any inaccuracies.
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