Real Estate Rates Steady

"Long-term mortgage interest rates were mostly flat Wednesday, and the benchmark 10-year Treasury bond yield dipped to 4.87 percent.

The 30-year fixed-rate average held at 5.98 percent, and the 15-year fixed rate edged up to 5.69 percent. The 1-year adjustable was also up at 5.69 percent.

The 30-year Treasury bond yield sank to 5 percent.

Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5...." Real Estate News

Housing Correction Continues per Fed Reserve

"The correction in the US housing market will "probably persist longer than previously anticipated",

Federal Reserve policymakers judged at their last meeting, according to minutes released on Wednesday.

The minutes show that Fed officials meeting on May 9 were concerned by the decline in new home sales and the rise in the inventory of unsold homes relative to the rate of turnover...." Housing Correction Continues

"Since May 9, new home sales have ticked sharply up. However, with median new home prices sharply lower and existing home sales weak, the Fed may still think housing adjustment is likely to be more drawn out than it originally thought.

Fed officials said they expected that a flattening out of house prices nationwide would produce a "gradual increase" in the savings rate over the medium term. ..."