After a brief run-up two weeks ago, mortgage rates are back below 4 percent.
Recent data suggests that the U.S. housing market is in recovery, albeit an uneven one.
The housing market took a step back in February, but remains near post-Recession highs.
Sales of new homes fell to the lowest levels in four months last month.
Mortgage markets carved out a wide range last week before eventually closing close to unchanged on the week.
The new construction housing market appears primed for growth.
Despite sparse home inventory, the National Association of REALTORS reports that 4.59 million “existing homes” were sold in February on a seasonally-adjusted, annualized basis.
Home builder confidence in the newly-built, single-family housing market remains high.
The new, revamped HARP program is now available. It was officially released Saturday, March 17, 2012 by Fannie Mae and Freddie Mac.
Mortgage markets worsened last week as the Federal Reserve’s Federal Open Market Committee suggested economic recovery may be closer than its originally expected, and that inflation may be a near-term economic concern.