Mortgage rates fall to end August

August 31st, 2012

Mortgage rates dropped during the final week of August.

The housing situation in the United States continues to showcase nationwide affordability for those looking to buy a home, as mortgage rates declined for the week ending August 30, according to a report from Freddie Mac.

The government-sponsored enterprise's 30-year fixed-rate mortgage average was 3.59 percent, which was down from the previous week's figure of 3.66 percent. In addition, the 15-year FRM fell to 2.86 percent, slightly lower than the earlier figure of 2.89 percent. The five-year Treasury-indexed adjustable rate mortgage dropped to 2.63 percent from the previous figure of 2.66 percent.

"[T]he housing market continued to show improvement over the past few months," said Frank Nothaft, vice president and chief economist for Freddie Mac. "New home sales rose 3.6 percent in July matching May's pace as the strongest month since April 2010. Similarly, pending existing home sales also rose in July to its highest rate since April 2010."

These historically low rates present a strong opportunity. Contacting a mortgage consultant may help transferees gain a clearer idea about how they can streamline the purchase of an affordable property in a new location.