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Follow on Google News | Fixed mortgage rates remain at historical low levels heading into AugustHome mortgage rates remain at historical low levels heading into August of 2010 according to a study by BestRateSource.com
By: Don Marks The month of August is a key month for the housing industry as it likely represents one of the remaining strong home buying months of the year, before the school season begins in the fall. To date, low mortgage interest rates have not had a strong impact on helping to boost home sales, which fell sharply following the elimination of the governments homebuyer tax credit in April. A better than expected resale home report from June of this year, released a few weeks ago may be one of the first indication that borrowers are taking advantage of low rate financing to help drive home sales. The mortgage market has benefited from the perceived “second dip” in the economy and the potential of a much longer recovery that economists were predicting earlier this year. The FOMC will be holding a meeting in August where they will shed further light on their monetary policy for the balance of 2010 as well as discuss their support for the secondary mortgage marketplace, a key supplement to keeping fixed mortgage rates at historically low levels. The non farm payroll report due out on Friday the 6th will set the tone for the stock market and bond market this month, and will be a key factor in determining whether mortgage rates will remain at historically low levels for August. Most experts are predicting another decline in payroll numbers so any improvement in hiring trends could quickly lead to a sharp increase in bond yields and drive up fixed mortgage interest rates. Best Rate Source helps provide consumers with updated market information in an effort to help consumers lock in the lowest mortgage rates with the best lenders. Since 2008, Best Rate Source has been a leading destination for consumers searching for market news and loan information to help find the best financing options for their unique situation. Contact Information: dmarks@bestratesource.com http://www.bestratesource.com or http://www.bestratesource.com/ # # # BestRateSource.com has been assisting consumer since 2008 to find relevant information on the mortgage marketplace to help lock in the lowest rates and best terms. End
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