Friday, November 22, 2013

DailyMarkets.com - US Mortgage Rates Decrease After Three Weeks Of Rising Rates

DailyMarkets.com - US Mortgage Rates Decrease After Three Weeks Of Rising Rates

US Mortgage Rates Decrease After Three Weeks Of Rising Rates

Posted: 22 Nov 2013 05:45 AM PST

This week mortgage applications decreased 2.3%, which is most likely due to the increase in mortgage rates we have seen during the past 3 weeks. However, this week, fixed rate mortgages have decreased along with 5-year adjustable-rate mortgages, while 1-year rates have remained at the same level.

This decline in mortgage rates is just what the economy needs, especially since in October the purchase of previously owned homes in the US fell to its lowest level in 4 months.

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