Mortgage rates broke their three-week downward path and rose for the week ending Thursday, according to Freddie Mac’s weekly survey. Still rates are a point and a half lower than they were last year, so it remains a great time to buy a Flagstaff home and lock in a low monthly payment for years to come.
Earlier in the week, Federal Reserve Chairman Ben Bernanke noted while testifying before a Senate Committee that mortgage rates are lower than they were last fall, in part because of the Federal Reserve's actions, and that housing affordability right now is the highest it’s been in many years.
Frank Nothaft, Freddie Mac vice president and chief economist, said in Thursday’s press release: "Newly released housing indicators contain positive signs that the worst may be behind us. Home prices were down 5.6 percent between May 2008 and May 2009, the smallest 12-month decline since June 2008, based on the Federal Housing Finance Agency’s monthly House Price Index. New construction of one-family homes jumped 14.4 percent in June to an annualized pace of 470,000 units, the most since October 2008, according to the Commerce Department. In addition, the National Association of Home Builders reported that homebuilders' assessments of market conditions in July and for the remainder of this year strengthened to a 10-month high."
Mortgage rates change daily as the mortgage bond market moves. Do not play this rate game on your own! (Unless you are a professional bond trader and not just a typical home buyer....)
For advice about which mortgage program best fits your financial situation, contact a trusted, local Flagstaff lender.
When you are ready to buy a home, contact us: Team Heitland at RE/MAX Peak Properties. | 
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