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Mortgage Rates: Home Sales Driven Higher by Low Mortgage Rates

Mortgage Rates: Home Sales Driven Higher by Low Mortgage RatesLow mortgage rates are bringing buyers back into the market for homes driving existing home sales higher for the third consecutive month. In addition to low home mortgage rates driving sales higher, the $8,000 first time home buyer tax credit and near record home affordability is also bring home buyers back to the real estate market.

Home sales including single family homes, town homes, co-ops and condominiums increased 3.6 percent in June 2009 on a seasonally adjusted basis according to the Nation Association of Realtors. Home sales were strongest out West with an increase of 6.4 percent. Home sales in the South increased 4.0 percent. Home sales in the East increased 2.5 percent and home sales in the Midwest rose 0.9 percent.



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Mortgage Interest Rates


Today's mortgage rates are low because the Fed Funds rate is in a targeted range of zero percent to one-quarter percent until the economy recovers.  The Federal Reserve Chairman Ben Bernanke make it clear this week in his semiannual testimony to Congress that they won't raise interest rates anytime soon.

Current Mortgage Rates


Mortgage rates are currently headed back down this week probably because of the Fed's remarks to Congress on Tuesday. Conforming fixed rate 30-year mortgages are at 5.30 percent today, down from our mortgage survey report on Monday showing 30-year rates at 5.34 percent. The average fixed rate for a conforming 15-year is at 4.77 percent, down from Monday's rate of 4.80 percent.

Jumbo Mortgage


Jumbo mortgage rates are also headed down this week. Today's 30-year jumbo rate is averaging 6.14 percent, down from Monday's jumbo rate of 6.21 percent. 15-year jumbo mortgage rates are at 5.78 percent, down from Monday's jumbo loan rate of 5.83 percent.

Adjustable Rate Mortgages


Today's adjustable mortgage rates are mixed compared to Monday's mortgage report.  The average mortgage rate one-year conforming ARM is now at 4.42 percent, down from Monday's rate of 4.51 percent. The average rate on a three-year ARM is at 4.70 percent, Monday's average rate was 4.66 percent. Conforming rates for Five-year ARMs are averaging 4.57 percent, unchanged from Monday's rate. Seven-year ARMs are down to 5.05 percent from 5.14 percent on Monday.

MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates in your zip code. Search for Mortgage Rates Here
 
Author: Brian McKay
July 24th, 2009