Mortgage rates flat after hitting low by jolinmilioncherie


									Sunday, June 19, 2011                                                                              DAILY COMMERCIAL                                                                                       B3

Mortgage rates flat after hitting low
            DEREK KRAVITZ                 healthy levels as waves of fore-
             AP Business Writer           closures have pushed prices
  WASHINGTON — Fixed                      down. Many would-be buyers
mortgage rates stayed roughly             are holding off, worried that
flat after falling for eight weeks.       prices have yet to bottom out.
  The average rate on the 30-               And prices are expected to
year loan ticked up from a                keep falling until the glut of
yearly low of 4.49 percent to             foreclosures for sale is reduced,
4.50 percent, Freddie Mac said            companies start hiring in
Thursday. The average rate on             greater numbers, banks ease
the 15-year fixed mortgage, a             up on their tougher lending
popular refinance option, fell            rules and more people think it
to 3.67 percent from 3.68 per-            makes sense to buy a house
cent. That’s a low for the year.          again. In some areas of the
  Rates tend to track the yield           country, that could take years.
on the 10-year Treasury note.               To calculate average mort-
The 10-year yield has been                gage rates, Freddie Mac col-
dropping as fears over that eco-          lects rates from lenders across
nomic recovery is slowing.                the country on Monday
  Most people can’t take                  through Wednesday of each
advantage of the low mortgage             week. Rates often fluctuate sig-
rates because they can’t meet             nificantly, even within a single
tougher lending requirements.             day.                                                                                                                                             DAMIAN DOVARGANES / AP
And many who could afford to                The average rate on a five-                    A financing available by Fannie Mae sign is posted on a foreclosed property offered for sale.
refinance likely did so last year,        year adjustable rate mortgage
when rates fell to their lowest           inched down to 3.27 percent                        The average rate on a one-                 The rates do not include add-         the 30-year and 15-year fixed
levels in decades.                        from 3.28 percent last week. It                  year adjustable-rate loan rose             on fees, known as points. One           loan in Freddie Mac’s survey.
  Sales of new and previously             hit 3.25 percent in April, the                   to 2.97 percent from 2.95 per-             point is equal to 1 percent of          The average fee for the five-
occupied homes rose in April.             lowest on records dating back                    cent, which was the lowest on              the total loan amount. The              year ARM was 0.6 and the one-
But sales are well below                  to 2005.                                         records going back to 1986.                average fees were 0.7 for both          year ARM was 0.5.

New Jersey public workers
protest benefits change
     ANGELA DELLI SANTI            to the Statehouse.                     sharing for health care                    to collective bargaining? I
         Associated Press            Hundreds had arrived                 and require 500,000 pub-                   view this as union bust-
  TRENTON, N.J.          —         by late morning, gather-               lic workers to pay a higher                ing,” said Jersey City
Unionized public workers           ing around a stage with                percentage of their salary                 police     officer   Mark
gathered in the state capi-        two 10-by-13-foot televi-              into their pension fund.                   Razzoli, who accused law-
tal to protest and try to          sion screens flashing pic-             Both systems — pensions                    makers of trying to turn
halt legislation, up for a         tures of union workers. A              and health care — are                      the public against public
committee hearing and              10-foot inflatable rat was             underfunded by a com-                      workers when he said
likely vote, that would            perched nearby, holding a              bined $110 billion.                        lawmakers         deserved
require New Jersey gov-            sign that read “Pension                   The average New Jersey                  blame for raiding the
ernment employees to               Betrayal.” Workers also                public worker earning                      pension system in flush
shoulder a larger share of         brought along a coffin                 $60,000 now contributes                    years.
their health insurance             with a sign “The death of              $900 toward health care,
premiums and remove                collective bargaining.”                or 1.5 percent of their
the issue from collective            The     workers     were             salary, regardless of their
bargaining.                        protesting a deal reached              plan. Under a new tiered
  Traffic into Trenton was         late    Wednesday        by            system, that same worker
backed up for miles                Republican Gov. Chris                  could pay $2,056 (3.4 per-
Thursday morning as                Christie      and       the            cent of salary) a year for
members of the state               Democrats who lead the                 single coverage and
teachers union, police             Senate and Assembly.                   $3,230 (5.4 percent of
and firefighters, CWA and            The New Jersey bill                  salary) for a family plan.
AFL-CIO made their way             would legislate premium-                  “What ever happened

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