Arizona Real Estate Notebook

30-year fixed-rate mortgage, average in Western U.S. for week ending May 3, 2007. Blue line is Freddie Mac forecast made 3/8/2007.

“The recently advanced report of first quarter Gross Domestic Product (GDP) was weaker than expected, growing only 1.3 percent. The housing market alone shaved a full percentage point off real GDP growth,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Additionally, both consumer spending and price increases in consumer expenditures were quite tame in March. These contributing factors allowed mortgage rates to hold steady this week.