ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 06/08/2012

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 06/08/2012

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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Mortgage rates continued their descent into uncharted territory this week as investors seeking a safe haven from the European debt crisis snatched up bonds backed by mortgages, and the Federal Reserve continued programs intended to keep a lid on long-term interest rates.

Rates on 30-year fixed-rate mortgages averaged 3.67 percent with an average 0.7 point for the week ending June 7, down from 3.75 percent last week and 4.49 percent a year ago, Freddie Mac said in releasing the results of its Primary Mortage Market Survey. That’s a new record low in Freddie Mac records dating to 1971.

For 15-year fixed-rate mortgages, rates averaged 2.94 percent with an average 0.7 point, down from 2.97 percent last week and 3.68 percent a year ago. Rates on 15-year loans have never been lower in records dating to 1991.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Tight underwriting standards and fears about the strength of the economic recovery have kept some would-be homebuyers on the fence. The Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey showed demand for purchase loans down slightly during the week ending June 1, to the lowest level since April after seasonal adjustments. Looking back a year, demand for purchase loans was down 3 percent.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Briefing lawmakers in Washington, D.C., today Federal Reserve Chairman Ben Bernanke said the depressed housing market has “been an important drag” on the economic recovery. Bernanke said the Federal Reserve is continuing a program announced last September to lengthen the average maturity of its securities holdings by purchasing $400 billion of longer-term Treasury securities and selling an equal amount of shorter-term Treasury securities.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Although concerns about the European debt crisis and the health of banks in a number of eurozone countries “continue to create strains in global financial markets,” Bernanke said, the demand for U.S. exports “has held up well. The U.S. business sector is profitable and has become more competitive in international markets.”

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