14 May 2010 –There was a mixed bag of news for mortgage interest rates this week as the dust settled on the craziness of last week. Equities did rise on word that the European Union had devised a plan to stave off the financial collapse of Greece, Portugal, Spain and Italy. This put a dent in the amazing rates that we saw last week, but all good things must come to an end. Other market events were minor, with a Treasury auction of 10-year Notes on the 12th having virtually no impact on the market. The good news for buyers is that there are still good mortgage rates to be had if you are considering a lock.
Since you cannot decouple the housing market from lending, I do want to take a moment to highlight today’s foreclosure report and the mixed signal that it sent. According to RealtyTrac, The National statistics for home foreclosures dropped by 2% bringing them to the lowest point in 2010. The scary thing behind the numbers, however, is that many of the new foreclosures were on more affluent households. Most experts are pointing to a long period of high unemployment numbers as the chief culprit. Since unemployment numbers are starting to improve, we can only hope that a drop in foreclosures will follow suit.Email This Post To a Friend.