With the volatility in stock market mortgage rates seem to hit another low as the stock market took another 500 pt plunge. When looking at Freddie Mac’s primary mortgage market survey, the average 30 year fixed-rate mortgage has now hit a low of 4.15%. The previous record was set in November of 2010 and was at 4.17%.

Similarly the 15 year mortgage rate is now at 3.36% which is a drop from last week where it was at 3.5%.

Home affordability is reaching some great heights these days as mortgage rates continue to hover around record lows. But just because the mortgage rates are low does not mean that local housing markets will suddenly boom with activity. A huge part of the success of the real estate market is based on the psyche of buyers who are willing to invest in property. Because of the ups and downs of the stock market, is making some people hold onto the money much longer than they would have typically with the mortgage rates this low. [Read more...]

The most recent data for United States foreclosures shows the foreclosure filings falling to their lowest level since 2007 based on July 2011 numbers.

Foreclosure filings were down 4% when compared to the foreclosure filings of June 2011. There also 35% lower than they were at the same time last year of July 2010.

According to the real estate website RealtyTrac.com, there were 212,764 filings it when it comes to foreclosures. This includes properties that were filed for notices default, auction sale, or a complete foreclosure. The total number of homes repossessed by the banks were at 67,829 for the month of July, which is down 33.6% at the highest number in September of 2010 when banks received back 102,134 him him homes or properties. [Read more...]