If you are out looking for a mortgage ... you'll be happy to know that the average 30-year fixed rate mortgage in the US is down this week. According to Freddie Mac, the 30-year fixed rate mortgage is averaging 6.52 percent with an average 0.7 point. That's down from 6.63% from a week earlier.
Additional information from the Freddie Mac news release:
"Mortgage rates moved lower this week as a drop in commodity prices eased market concerns over inflation pressures," said Frank Nothaft, Freddie Mac vice president and chief economist. "For instance, the Department of Energy reported that gasoline prices were the lowest since the end of May, and oil prices were at levels not seen since early May."
"Meanwhile, there were mixed reports this week on the state of the U.S. housing market. While the months of supply for existing single-family homes for sale rose to 11 months in June, the supply of new homes fell for the second consecutive month to 7 months. Further, the seasonally-adjusted U.S. homeownership rose slightly from 68.0 percent in the first quarter of this year to 68.1 percent in the second, yet still below the 68.3 percent set in the second quarter of 2007."
