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Residential financing rates stay down for US homebuyers

Posted on Thursday, May 15, 2014 at 10:07:13 AM

The recent trend of falling residential financing rates has continued, and that comes as good news for many Americans interested in buying a new property.

According to Freddie Mac, the 30-year fixed-rate mortgage averaged only 4.20 percent for the week ending May 15, nearly unchanged from last week's 4.21 percent. The 15-year FRM also ticked down slightly during that time, now averaging 3.29 percent. 

"Mortgage rates were little changed amid a week of light economic reports," said Frank Nothaft, vice president and chief economist at Freddie Mac. "These lower than expected rates are welcome news with the spring home buying season underway and may even provide those who haven't already refinanced possibly a reason to take another look. Of the few releases, advanced retail sales rose 0.1 percent in April, but below the market forecast consensus of a 0.4 percent increase."

In addition to the affordable residential financing rates, the Mortgage Bankers Association reported that the delinquency rate for mortgage loans decreased to its lowest level since the end of 2007. Better yet, there are also a fewer number of properties entering the foreclosure process across the country.