Freddie Mac has reported that mortgage rates on the 30 year mortgage moved just a bit lower to 6.27% which is just 4 basis points lower than than a week ago–the high for the cycle has been 7.08%. The 15 year mortgage was up 15 basis points to 5.69%–the high for this cycle has been 6.36%
I watch rates just to get a sense for some general economic conditions (or potential conditions). Right now in the midwest sales of homes are getting pretty sparse–and obviously refinancing’s are few and far between although there is a far amount of activity in home equity loan applications. These are my own observations in Minnesota now, but I suspect that it mirrors the country.
Property values (single family residential) are close to stable in Minnesota–marketing times are longer, but with the lack of inventory values have held up–subject to change at any time. Almost always values in the midwest follow the east and west coast–both on the way up and the way down.