Quantcast
  

Sunday, April 20, 2014         

 Print   Email   Comment | View 1 Comments   Most Popular   Save   Post   Retweet

Mortgage rate drops below 3.5 percent for first time

By Associated Press

POSTED:


WASHINGTON >> The average rate on the 30-year fixed mortgage fell again, this time dropping below 3.50 percent for the first time on records dating back 60 years.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan declined to 3.49 percent. That's down from 3.53 percent last week and the lowest since long-term mortgages began in the 1950s.

The average rate on the 15-year fixed mortgage, a popular refinancing option, dipped to 2.80 percent. That's below last week's previous record of 2.83 percent.

The rate on the 30-year loan has fallen to or matched record-low levels in 13 of the past 14 weeks.

Cheaper mortgages have helped drive a modest but uneven housing recovery this year.

Sales of new and previously occupied homes fell in June but were higher than the same month last year. Home prices have started to stabilize in many large markets. And builders are more confident and are putting up more houses than they have in nearly four years.







 Print   Email   Comment | View 1 Comments   Most Popular   Save   Post   Retweet

COMMENTS
(1)
You must be subscribed to participate in discussions
By participating in online discussions you acknowledge that you have agreed to the TERMS OF SERVICE. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. Because only subscribers are allowed to comment, we have your personal information and are able to contact you. If your comments are inappropriate, you may receive a warning, and if you persist with such comments you may be banned from posting. To report comments that you believe do not follow our guidelines, email commentfeedback@staradvertiser.com.
Leave a comment

Please login to leave a comment.
saveparadise wrote:
Home prices have to fall back closer to pre-boom levels. You are still buying at inflated value. When the interest rates go up again the home values will have to recede to compensate to make mortgages affordable. There goes your equity. Cash is king.
on July 26,2012 | 09:05AM
IN OTHER NEWS
Breaking News