Mortgage Rate Update – Albuquerque Real Estate News, Albuquerque Homes, and Albuquerque Mortgages

Mortgage rates remain the bright spot in the housing market, with both long and short-term rates holding near their lowest levels of the year this week.

Freddie Mac Freddie Mac Latest from The Business Journals Loan-limit change could mean higher finance costsMortgage rates remain at lowest levels of the yearCAR: Conforming loan-limit drop means higher finance costs Follow this company says a 30-year fixed-rate mortgage averaged 4.5 percent in the week ending June 23, unchanged from last week. A 15-year fix rose slightly to 3.69 percent.

A one-year adjustable-rate mortgage averaged 2.99 percent. A year ago, one-year ARMs averaged close to 3.8 percent.

In New Mexico, a 15-year fixed-rate is 4.12 percent, while a 30-year fixed-rate is 4.75 percent, according to MortgageLoan.com.

“The Federal Reserve reiterated that the housing sector continues to be depressed in its June 22^nd policy statement,” said Freddie Mac (OTC BB: FMCC) chief economist Frank Nothaft in a statement.

The most recent housing data has continued to be weak. The National Association of Realtors National Association of Realtors Latest from The Business Journals Mortgage rates little changedDistressed residential inventory dropsExisting-home sales slump again Follow this company reported this week existing home sales nationwide fell 3.8 percent in May to the lowest level since November.

In a separate report Thursday, the Commerce Department said new home sales fell 2.1 percent in May, the first decline in new home sales in three months.