Latest Mortgage Rates and Foreclosures
Inman News reportedthat “mortgage rates sank to or near all-time lows this week as turmoil in financial markets had investors moving money into the relative safety of bonds and mortgage backed securities that fund most home loans.”
Rates for 30-year fixed averaged 4.32 percent, the lowest average for 2011. In his phone interview for an article on Bloomberg.com, Doug Lebda, chief executive officer of Tree.com Inc. in Charlotte, North Carolina, said “we’re going to look back in five years and see these historically low rates. People are going to wish they jumped in.”
At the same time, foreclosures have hit their lowest level since 2007. According to an article in Realtor Magazine, foreclosure filings dropped in July for the 10th month in a row of year-over-year declines. Although some analysts ascribe the decrease to processing delays by the banks, RealtyTrac CEO James Saccacio notes “the downward trend in foreclosure activity has now taken on a life of its own. It appears that processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts, may be allowing more distressed home owners to stave off foreclosure."
More time combined with the possibility of low rate refinancing is a good combination for struggling homeowners attempting to keep their homes.