Mortgage Rate Falls…Sign of Good Times Ahead?

The rate on a 30-year fixed-rate mortgage is now at 6.67 percent a slight decrease from 6.69 percent from the previous week.

"Mortgage rates eased slightly for the second week in a row after taking their biggest jump in four years two weeks ago, Freddie Mac said Thursday"

""This week we saw further effects of the current housing recession," Frank Nothaft, Freddie Mac vice President and chief economist said in a statement. "May’s existing home sales fell 0.3 percent to the slowest pace since June 2003, and the number of months houses were available for sale rose to 8.9, the longest since June 1992.""

You can read more about this news report at CNN.com

Although, the fall in interest rates is a welcome news to everyone, it doesn’t guarantee good times ahead.  Other market indicators are giving a picture of a housing recession than a housing recovery. 

Here’s a video that will give you more insights and statistics regarding the current housing market.

Source: YouTube Submitted by: Taipan Financial News