Virginia Beach Real Estate

Freddie Mac today released the results of its Primary Mortgage Market Survey®in which Virginia Beach interest rates remained steady. The 30-year fixed-rate mortgage averaged 6.05 percent for the week ending May 8, 2008, down very slightly from last week when it averaged 6.06 percent. Last year at this time, the 30-year FRM averaged 6.21 percent.

“Despite a weak housing market, mortgage rates remained almost unchanged this week based on better-than-expected economic data releases that indicated the economy still has some staying power,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Job losses lessened in April and conditions in both the manufacturing and service industry outperformed market forecasts. Worker productivity also rose in the first quarter as increases in labor costs diminished.

“The housing market is still struggling amid falling house prices and stricter lending standards. Coupled with higher delinquency and foreclosure rates, a smaller share of families own their homes this year. The national homeownership rate held at 67.8 percent in the first quarter of 2008, down from its recent peak of 69.0 percent in the third quarter of 2006 and was the lowest rate since 67.6 percent in the second quarter of 2002, according to the Census Bureau.”

Experts predict the Feds cut in interest rates last week is the last cut we will see for awhile due to a fear of inflation. With Virginia Beach interest rates holding steady and no additonal cut anticipated, this is a great time to buy a home in Virginia Beach. Interest rates are near historical lows, prices are flat and sellers are negotiable. Search Virginia Beach homes for sale or get New Listing Alerts and recieve email notification of new homes for sale as they hit the market.

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