Mortgage rates for 30 year and 15 year fixed rate mortgages went up, according to the Mortgage Bankers Association. Mortgage rates, however, are still down from the sky-high levels back in 2007 before the Great Recession and the housing market collapsed.
The US Census Bureau released the latest read on construction spending Tuesday, showing a mixed bag for May. Both total private construction spending and single family construction spending declined, but non-residential construction spending increased.
Mortgage rates for a 30-year fixed mortgage fell four basis points to 4.16 percent since last week. Mortgage rates have been falling steadily since the beginning of 2014.
The US Census Bureau released their latest read on construction spending. Total private construction spending and single family construction spending since March has gone up, while non-residential construction spending declined.
US home prices rose in March, but house prices are losing momentum, according to a report released Tuesday. When will the US housing market return to normal?
The average rate for a 30 year fixed rate mortgage (from FHA and conforming GSE data) increased 2 basis points to 4.41 percent since last week while the purchase application volume increased 1 percent.
Spring is the housing market's time of greatest activity, and this year, the story of US real estate varies by location. One common theme: A recovery is well under way, but not yet complete.