Mortgage rates have been falling throughout summer 2012 and continue to entice potential buyers. Surveys have shown 30-year fixed-rate mortgages averaged 3.57%, falling from the previous month’s average of 3.71%. In July 2011, the 30-year FRM averaged 4.60%.
The 15-year FRM is also down this week to 2.97%, compared to last year’s 3.69%. The 15-year FRM is a popular refinancing option that many are pursuing because of these record-low interest rates. Treasury-indexed adjustable-rate mortgages also fell.
Though these numbers suggest a falling market, there are a number of indicators that show positive growth. Construction on single-family homes rose for the third consecutive month in May, and homebuilder confidence rose in June to its highest reading in over five years, according to Housingwire. Visit Wisconsin Mortgage Corporation, Shorewest’s partner in delivering quality home loan services since 1983, for more information about obtaining a home loan across Wisconsin.