Realty Times – Mortgage Rates Back To Record Lows
In Freddie Mac’s results of its Primary Mortgage Market Survey®, fixed mortgage rates are at or near their all-time record lows helping to keep homebuyer affordability high. The average 30-year fixed rate mortgage matched its all-time record low at 3.49 percent, and the average 15-year fixed fell to a new all-time record low at 2.77 percent.
According to Frank Nothaft, vice president and chief economist, Freddie Mac:
“Following the Federal Reserve’s announcement of a new bond purchase plan, yields on mortgage-backed securities fell bringing average fixed mortgage rates to their all-time record lows which should aid in the ongoing housing recovery. New construction on one-family homes rebounded in August, rising by 5.5 percent to the fastest pace since April 2010. In addition, existing home sales increased by 7.8 percent in August to its strongest pace since May 2010.”
Published: September 21, 2012
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From Calabasas to Los Angeles and across the country, low interest rates continue to make home buying very attractive.