Wednesdays Market

Today Mortgage Rates saw a decline by early afternoon. The average Little Rock Mortgage Rate was 6.5% . Oil continued its decline and is now down $20 from its all time high. It closed at its lowest since June 4. Financial Services Committee chairman Barney Frank (D-MA), Senators Chris Dodd (D-CT) and Richard Shelby (R-AL) on Wednesday rolled out a housing proposal that could be put to the Senate floor for a final vote as early as this week.

“Americans are looking to Congress to deliver solutions to the housing crisis, which has forced millions of homeowners to file for foreclosure, reduced home values for millions more, crippled the mortgage markets, and significantly weakened the American economy,” said Dodd.
The comprehensive housing legislation contains provisions from a Dodd-Shelby bill that was approved by the Senate Committee on Banking, Housing and Urban Affairs on May 20, as well as measures from the Foreclosure Prevention Act, which passed the Senate in April.

Tomorrow morning brings the report on existing home sales for last month. In the last report, the National Association of Realtors said that the seasonally adjusted, annualized pace of existing home sales rose by 2.0% in May to 4.99 million from April's rate of 4.89 million.
Inventories of existing homes on the market slipped by 1.4% to 4.49 million (seasonally adjusted, annualized). At the prevailing sales pace this represents 10.8 months of supply, an improvement from April's turnover rate of 11.2 months. The median home price fell by 6.3% from its level a year earlier. Despite the increase in sales pace and decline in inventory, the data has not altered analysts' assessments that the housing sector remains weak.

To obtain an Arkansas Mortgage you may visit The Mortgage Bank of Arkansas.