SOURCE: Informa Research Services, Inc.

Informa Research Services, Inc.

June 30, 2011 17:25 ET

With Mortgage Rates Continuing Downward, Home Affordability May Be on the Rise, Says Informa Research Services

CALABASAS, CA--(Marketwire - Jun 30, 2011) - The interest rate on the traditional 30 year fixed rate mortgage slipped slightly this week to 4.67%, according to Informa Research Services, a subsidiary of Informa plc (LSE: INF). This rate has been steady overall, but falling slowly over the past few months, down from 5.03% six months ago. For consumers who are looking to buy a home, Informa suggests they use online resources such as ERATE.com to research rates and find the best deal to finance their home purchase (http://www.erate.com/current-mortgage-rates-30-year-fixed-mortgage-rates.htm).

According to a recent report from the Wall Street Journal, Freddie Mac Chief Economist Frank Nothaft recognized that mortgage rates "have hovered around 4.5% for four straight weeks, despite sluggish consumer spending."

No matter what the outlook is for consumer spending and the economy, the best thing for prospective homebuyers to do is check online rate tables, such as those on ERATE.com. These rate tables provide the most current rates and frequently feature lenders who are able to offer rates well below the low national average. Furthermore, some online rate tables will provide rate shoppers with an estimated monthly payment using the current rates and an estimated loan amount. Using these tools can help give consumers a better idea of whether or not they will be able to afford the monthly mortgage payment in their budget.

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About Informa Research Services, Inc. (www.informars.com)
Since 1983, Informa Research Services, Inc., has provided the financial industry's most extensive array of market research, mystery shop, and decision-support information.