Mortgage rates fall to record low
Mortgage rates fall to record low
Mortgage rates for 30-year U.S. loans dropped to the lowest level on record amid signs the housing market may be set for a turnaround, Bloomberg reported.
The average rate for a 30-year fixed loan fell to 3.91 percent in the week that ended today, the lowest point dating to 1971. It fell from 3.94 percent the previous week, Virginia-based mortgage finance company Freddie Mac said in a statement.
The 15-year rate matched last week’s previous all-time low of 3.21 percent.
The housing market, under pressure from tight lending standards and foreclosures that depress values, is showing signs of improvement. Purchases of previously owned homes rose to a 10-month high in November as the inventory of unsold properties fell to the lowest level in six years, the National Association of Realtors reported yesterday.
Mortgage rates for 30-year U.S. loans dropped to the lowest level on record amid signs the housing market may be set for a turnaround, Bloomberg reported.
The average rate for a 30-year fixed loan fell to 3.91 percent in the week that ended today, the lowest point dating to 1971. It fell from 3.94 percent the previous week, Virginia-based mortgage finance company Freddie Mac said in a statement.
The 15-year rate matched last week’s previous all-time low of 3.21 percent.
The housing market, under pressure from tight lending standards and foreclosures that depress values, is showing signs of improvement. Purchases of previously owned homes rose to a 10-month high in November as the inventory of unsold properties fell to the lowest level in six years, the National Association of Realtors reported yesterday.
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