Average mortgage rates in the U.S. continue to fall – With the 30 year loan average hitting another record low, for the 8th time this year.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan dropped to 2.88% from 2.99% last week. It was the lowest level since Freddie started tracking rates in 1971. By contrast, the rate averaged 3.60% a year ago.
The average rate on the 15-year fixed-rate mortgage fell to 2.44% from 2.51% last week.
Homebuying demand continues as one of few bright spots in the economy, with the recovery stagnating. But a key barrier for potential buyers is still the lack of available homes, especially for first-time purchases. This lack of inventory has been a driver for the general increase in market prices.
For more information and to begin your home search, contact Jason Taub – Realtor® in Fort Lauderdale, Florida.
Source: The Associated Press
