MCLEAN, Va., -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates changing little for the second consecutive week amid mixed consumer confidence and housing data. Fixed mortgage rates remain near their 60-year lows.
Today's experts spout off the latest statistics about long-term wealth, home values, and interest rates, yet there's a much more sentimental side to homeownership. In fact, many home buyers are drawn to homeownership for these warm and fuzzy reasons.
The National Association of Home Builders is stressing the need for policymakers to remove anti-housing barriers that they say are preventing a housing market recovery. After all, NAHB says, housing can be the answer policymakers have been searching for in boosting jobs and economic recovery.
We need to keep housing first on the nation's public policy agenda, because housing and homeownership issues affect all Americans, and a housing recovery is necessary for the nation's economic well-being.
That was the message delivered today by National Association of Realtors® President Ron Phipps during the New Solutions for America's Housing Crisis forum, where he joined a panel of experts to discuss solutions for addressing the country's housing and economic challenges. The event was hosted by Economic Policies for the 21st Century and the Progressive Policy Institute.
On October 1 Congress allowed conforming loan limits to revert from 125 percent of the local area median home price to 115 percent of the local median home price. That has effectively reduced the size of conforming loans for many home buyers across the country. According to The Greater Syracuse Association of REALTORS® (GSAR), these new loan limits will have a big impact on our nation's housing market.
With the summer season now over, mortgage rates continue to remain low after mixed housing reports for the month of August. Data showed that consumers are still carefully looking at their options before committing to purchasing a home. While existing home sales surged, new home sales fell to a six month low in August as reported by the Commerce Department.
Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed-rate mortgages changing little amid sluggish economic, mixed housing data, and ongoing concerns over the European debt markets. The 30-year fixed remained unchanged at 4.09 percent, while the 15-year fixed dropped a single basis point to 3.29 percent, marking a new record low.