After several quarters of decreasing mortgage delinquency rates, that number saw a slight uptick in the second quarter of 2011, according to the Mortgage Bankers Association’s latest survey data.
It’s like that scene in Groundhog Day, where Chris Elliott’s character enters the Punxsutawney bachelor auction and is greeted by dead silence from the women in the crowd…. Once again, mortgage rates have dropped to record lows while potential home buyers continue to hold off on making a purchase.
It continues to be a buyer’s market out there — for those with enough money to make a down-payment on a home at least — as mortgage rates continue to sink to historically low levels.
Last week, 30-year fixed mortgages dropped to 4.45 percent and 15-year mortgages hit a new low of 3.52 percent, meaning seemingly anyone who can afford a house payment had as much incentive as possible from the financing side to go out and close on a house. But the housing market is showing no real signs of recovery, and things don’t look so great on the horizon, either.