According to a report from the Wall Street Journal, current mortgage rates fell slightly this week, down two basis points to 4.95%. The dip in rates can be attributed to demand for homes dropping somewhat over the last few months, due to high unemployment rates and poor weather in the winter.
In other economic news, retail sales rose .3% in February, .1% more than expected by economists. This is encouraging news that the economy is picking up steam and that recovery efforts appear to be having a real, albeit slow effect.
In a final piece of encouraging news, Bank of America has been ramping up its participation in the Home Affordable Modification Program. Nearly 21,000 homeowners had their mortgages permanently modified through March, 8,000 more than at the end of February. Another 22,000 modifications are pending final reviews.
This is good news for beleaguered homeowners, the economy, and the government alike. HAMP has come under a good deal of criticism for not modifying as many loans as promised when the program began. In turn, the government has criticized banks for dragging their feet when it comes to participation in HAMP. Increased HAMP activity will hopefully keep more homeowners from losing their homes and keep foreclosed homes off the market.
Stay tuned to this space for updates on economic news affecting the housing market. For all your mortgage needs, please contact one of our mortgage experts at 877-868-2503.
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