Mortgage Rates Drift Lower as Housing Market Struggles

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Mortgage rates locked down / fixed concept
Brian Chan/Alamy
Average U.S. rates on fixed mortgages declined this week, hovering near historically low levels.

Mortgage buyer Freddie Mac says the average rate for a 30-year loan eased to 4.14 percent from 4.17 percent last week. The average for the 15-year mortgage fell to 3.22 percent from 3.30 percent.

Rising prices and higher interest rates beginning in mid-2013 have made homes less affordable for would-be buyers. At the same time, a limited supply of homes is available to buy. Sales of new homes are running about half the rate of a healthy housing market.

Home prices rose in April from a year ago at the slowest pace in 13 months, reflecting the recent drop-off in sales, according to the latest Standard & Poor's/Case-Shiller 20-city home price index released Tuesday.

Add a Comment

*0 / 3000 Character Maximum

1 Comment

Filter by:
Executees

Maybe more families will benefit from the Rate Drop.
http://www.elegantresidences.info/

June 26 2014 at 6:33 PM Report abuse rate up rate down Reply