Mortgage Rate Dip
March 8, 2012 by staff
Mortgage Rate Dip, Fixed mortgage remain a bargain at the start of the spring-buying season: The average rate on the 30-year mortgage dipped this week, while the 15-year loan fell to a new record low. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan ticked down to 3.88 percent, from 3.90 percent the previous week. That’s slightly above the 3.87 percent average rate hit three weeks ago, which was the lowest since long-term mortgages began in the 1950s.
The average on the 15-year fixed mortgage fell to 3.13 percent, from 3.17 percent a week ago.
Rates on the 30-year loan have been below 4 percent for three months. That has made home-buying and refinancing more attractive for those who can qualify.
The super-low rates are helping the housing market recover, albeit slowly. Home sales have been rising and the four-week average of home purchase applications was up in January and February, according to theMortgage Bankers Association.
In recent months, other signs have emerged that suggest the troubled housing market could start to turn around this year.
Builders are more optimistic after seeing more people express interest in buying a home. Construction has picked up and builders are requesting more permits to build single-family homes. And the supply of homes on the market is falling, which could send home prices higher.
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