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Washington
Housing anxiety high despite low mortgage rates
WASHINGTON (10/29/10)—The national average interest rate for 30-year fixed rate mortgages rose slightly for the second week straight, lifting to 4.23%, for the week ended Oct. 28, Freddie Mac reported on Thursday. The 15-year fixed rate mortgage rate increased to 3.66% during the same week. Both the 30- and 15-year average interest rates were .02% higher than the rates reported during the previous week. While mortgage interest rates remain at or near all-time lows, the Washington Post this week reported that 53% of respondents to a recent survey said that they were either “somewhat concerned” or “very concerned” over their ability to meet their monthly mortgage or rent obligations. A similar percentage of poll respondents also said that the federal government should step in and impose a “national moratorium on foreclosures to sort out whether banks are improperly seizing the homes of struggling borrowers,” the Post said. The economic anxiety is twice as prevalent among individuals with annual household incomes below $30,000 when compared to individuals earning over $75,000 per year. “Those who are concerned about being able to make their payments are more likely to back the idea of a moratorium. Overall, 52 percent of all those surveyed back the moratorium and 34 percent oppose it,” the Post added. A total of 45% of survey respondents blamed mortgage lenders for the foreclosure mess, with 26% blaming irresponsible homeowners. The results of the Post poll were drawn from 1006 respondents contacted between Oct. 21 and 24. For Freddie Mac’s monthly numbers and the Post story, use the resource links.
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