Daily Real Estate News | Friday, February 24, 2012
For the first time in three weeks, fixed mortgages rate moved up from their all-time lows, Freddie Mac reports in its weekly mortgage market survey.
One of the factors leading to higher fixed mortgage rates this week was signs of a gradually improving housing market, Freddie Mac Chief Economist Frank Nothaft says. For example, the Mortgage Bankers Association reported this week that seriously delinquent loans — those 90 days or more past due — and the inventory of foreclosures dropped 5.3 percent by the end of 2011, marking the lowest quarterly share since the beginning of 2009. Also, the National Association of REALTORS® reported this week that existing-home sales in January were at their strongest pace since May 2010.
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