Mortgage Rates for June 2, 2011



(Voice of reporter, Kristin Arnold talking)

A double dip of bad news for the housing market as mortgage rates fall for the eighth straight week.

The average rate on a 30-year fixed-rate mortgage inched downward to 4.69 percent…a drop of 6 basis points from one week ago. The 15-year fixed-rate mortgage also declined, dropping 5 basis points to 3.88 percent.

The 30-year jumbo averaged 5.16 percent, off 5 basis points.

Mortgage rates are heavily influenced by market conditions and competition among lenders. However, the newest S&P/Case-Shiller Home Price Index shows housing prices continuing to fall across the country. The widely watched survey is seen as a barometer of the housing industry's vitality.

As enticing as low mortgage rates continue to be - the glut of inventory and the lack of economic recovery isn't helping to improve matters.

Of course if you're in the market for a home ... you must shop around for the best interest rates. To do that, visit I'm Kristin Arnold.




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