Mortgage Rates Fall Toward Record Lows

The average rate on 30-year fixed mortgages headed towards record lows this week. According to Freddie Mac the rate on a 30-year loan was 3.38%, down from 3.4% last week, and hovering slightly above the 3.31% rate that was reached in November. The 3.31% rate is the lowest since 1971. These low rates make homebuying more affordable, which is one of the key reasons people are buying homes. The combination of these low rates, rising home prices, and competition due to low housing inventory have been pushing potential homebuyers back into the market, and have initiated a housing comeback that is expected to continue into 2013. To read the full report visit USAToday.

 

Leave a Reply

Your email address will not be published. Required fields are marked *