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Mortgage rates dip for second straight week

WASHINGTON -- Mortgage rates around the country dipped for the second week in a row, a dose of encouraging news for people thinking about buying a home.Mortgage company Freddie Mac, in its weekly survey released Thursday, said that rates on 30-year, fixed-rate mortgages dropped to a nationwide average of 6.63 percent for the week ending Aug. 2. That was down from last week's rate of 6.72 percent and was the lowest since mid-June.

Economists viewed the back-to-back dips as a nice reprieve from rates that have slowly moved upward this year."Although lower rates are a welcome sight, we still feel that the 30-year, fixed-rate mortgage rate will drift up and down somewhat over the next few months, but will average less than 7 percent for the year," said Frank Nothaft, Freddie Mac's chief economist.Two weeks ago, rates on 30-year mortgages climbed to 6.80 percent, the highest in more than four years.

Are the cracks showing of home loans?

With experts worried about rising debt, one 'sub-prime' mortgage lender has a third of its borrowers in arrears, writes Ambrose Evans-Pritchard
There was a time when bankrupts and serial bad debtors had little chance of climbing on to the housing ladder, either in Britain or America. These days they can call up any number of "sub-prime" lenders eager to cobble together a mortgage - at a fee - which is then packaged with hundreds of other loans into a security for sale to willing funds or institutions.
It is a lucrative trade so long as the economy is humming along and house prices are pushing ever upwards, earning lenders an average 1.2pc margin over cost of capital compared with 0.2pc for normal mortgages. But, like canaries down a mine, these types of mortgages are the first to tell us when economic oxygen is running low.

Mortgage rates dip for second straight week

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Are the cracks showing of home loans?

Related California Loan Mortgage Ontario Second links