Good Monday Morning!

Mortgage interest rates continued to fall as of late last week. This decrease in mortgage rates is enough to help many would be home buyers get back into the market and get serious about a home purchase. This is welcome news for many buyers who have been shoved out of the housing market due to high and rising mortgage interest rates. The largest obstacle in the way of most home buyers who are back looking at homes is the lack of inventory. In the Eugene and Springfield market area, the inventory of homes on the market for sale remains under two months. A healthy market has home inventories of around 6 months. The lack of homes for buyers to choose from is a huge problem and one that just does not seem to get any better. Most likely mortgage rates will have to decline much further to interest home owners who have 2.5% to 3% mortgage interest rates into selling and buying another home. Only this will open up inventory levels. Here is an article from "Realtor.com" that talks about the current mortgage interest rate decline.

The numbers: Mortgage rates slide down to the lowest level in six weeks as consumers feel uncertain about the state of the U.S. economy.

The 30-year fixed-rate mortgage averaged 6.32% as of March 30, according to data released by Freddie Mac on Thursday.

That’s down 10 basis points from the previous week — one basis point is equal to one hundredth of a percentage point.

The 30-year was last at this level in mid-February.

Last week, the 30-year was at 6.42%. Last year, the 30-year was averaging at 4.67%.

The average rate on the 15-year mortgage fell to 5.56%, from 5.68% the previous week. The 15-year was at 3.83% a year ago.

Freddie Mac’s weekly report on mortgage rates is based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage.

Separate data by Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging at 6.61% as of Thursday morning.

What Freddie Mac said: “Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a key challenge for prospective buyers,” Sam Khater, chief economist at Freddie Mac, said in a statement.

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

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