• psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813

Mortgage rates continue to drop on weak housing, economic data

Concerns over a lagging economy pushed mortgage rates down again this week.

The average 30-year, fixed-rate mortgage dropped 0.5 percentage point this week to 4.55 percent, according to Freddie Mac’s weekly survey. Last year at this time, the average rate was 3.74 percent.

The 15-year, fixed-rate mortgage dropped 0.4 percentage point to 3.74 percent, compared with 4.2 percent a year ago.

The drop in rates follows weak economic news.

“First quarter growth in consumer spending was revised downward by half of a percentage point to 2.2 percent, according to the Bureau of Economic Activity, consumer confidence in May was weaker than the market consensus forecast, and the manufacturing industry slowed for the third straight month in May,” Freddie Mac Chief Economist Frank Nothaft said in a statement.

The housing market continues to be weak as well.

The S&P/Case-Shiller National Home Price Index fell 5.1 percent between the first quarters of 2010 and 2011, the largest drop since the third quarter of 2009, according to Nothaft.

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