Virginia Beach Real Estate

Freddie Mac released the results of its Primary Mortgage Market Survey®. Virginia Beach interest rates on a 30-year fixed-rate mortgage averaged 6.01 percent, down from last week when it averaged 6.05 percent. Last year at this time, the 30-year FRM averaged 6.15 percent.

"Recent remarks by Federal Reserve (Fed) officials, which partly bolstered optimism that financial markets will recover later this year, helped mortgage rates ease up a little this week," said Frank Nothaft, Freddie Mac vice president and chief economist. "Fed Chairman Bernanke indicated in a speech on May 13th that the Fed stands ready to continue to add liquidity to the markets. On the same day, San Francisco Fed bank president Janet Yellen added that she anticipates inflation will slow as commodity prices level off in the second half of the year.

"Despite the bleak housing market, there was positive news on the overall state of the economy. Retail sales (excluding automobiles) rose 0.5 percent in April, over twice that of market forecasts, and there was a significant upward revision in March's figures as well. Also, the consumer price index for April rose less than expected, allaying some market concerns of inflation taking hold."

The National Association of Realtors is also predicting a stablization in Virginia Beach real estate by mid-year, making this an excellent time to buy Virginia Beach real estate. You can view all Virginia Beach real estate for sale or have a list of new Virginia Beach homes for sale delivered to your Inbox.

Also read:  
Virginia Beach Real Estate - Mortgage Market Recap-May 5
Virginia Beach Mortgage Market Recap - April 22
Virginia Beach Mortgage Market Recap-April 14

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