Home Sales Slow Despite Lower Prices Today

Here is a video for you:

• Slow Home Sales Despite Lower Prices

  Posted: Thu, 23 Apr 2009 15:32:06 GMT

  WSJ economics reporter Kelly Evans and Phil Izzo discuss the latest jobless claims and a report showing existing-home sales slowed despite declining prices.

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15-year fixed-rate mortgage, 5-year ARM fall to record lows

The price of monthly mortgage payments just got lower as the
15 year fixed and 5 year ARM fell to record lows while the 30 year
is now under 5%.

Rates on fixed-rate mortgages dropped this week, with the benchmark
30-year fixed-rate mortgage averaging 4.82%,
according to Freddie Mac’s weekly survey, released on Thursday.

See full story

Fifteen-year fixed-rate mortgages averaged 4.48% for the week ending April 16, down from 4.54% last week and 5.40% a year ago. This week's average is the lowest for the mortgage since Freddie Mac began officially tracking it in August 1991.

The ARM also set a record: It is at its lowest since Freddie Mac began tracking it in January 2005.

Despite the exceptional rates, potential Home Buyers may still
be reluctant to enter the Market.

The Mortgage Bankers Association reported applications were down 11% for the week ending April 10, compared with the week before.

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with a Mortgage higher that this week's 15 year fixed?

What if you currently have a mortgage higher than 5%?

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