Morning Minute: Mortgage rates dip slightly after recent gains

Fixed mortgage rates reversed trend this week and fell slightly with the 30-year, fixed averaging 4.29 percent and the 15-year rate averaging 3.38 percent, Freddie Mac reported today.

“Mortgage rates were down slightly following the release of real GDP estimates for the first quarter of the year which rose 0.1 percent and fell well short of market expectations. Meanwhile, the pending home sales index rose in March ending eight consecutive months of decline and the S&P/Case-Shiller® 20-city composite house price index [PDF] rose 12.9 percent over the 12-months ending in February 2014,” said Frank Nothaft, vice president and chief economist for Freddie Mac.

In other headlines:

Mortgage Closings to Get Easier in 2015? – Daily Real Estate News

Residential construction spending up 16% in first quarter – HousingWire

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About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.