Dallas Mortgage Refinance: Mortgage Rates Hold Steady

Dallas Mortgage Refinance: Mortgage Rates Hold Steady

http://www.usatoday.com/money/economy/housing/2011-06-23-mortgage-rates-stable_n.htm

The average rate on the 30-year fixed loan held steady at 4.50%, Freddie Mac said Thursday. It hit 4.49% two weeks ago, the lowest level this year. The average rate on the 15-year fixed mortgage, popular for refinancing, inched up to 3.69%. Last week it reached a yearly low of 3.67%.

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Rates typically track the yield on the 10-year Treasury note. That yield has been dropping in recent weeks based on weak data that points to a slower economy. Low mortgage rates and falling home prices have done little to boost the troubled housing markets. Tougher lending standards and bigger down payment requirements have prevented many people from taking advantage of the ultra-low rates. Many people who can qualify are holding off, worried that prices have yet to bottom out.

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