Real Estate
Join Tom Kelly every Sunday at 9am on KIRO Radio to talk Puget Sound real estate.Conversation starters
Most popular
Bonneville Seattle is raising funds for the construction of a second Fisher House at Joint Base Lewis-McChord in Tacoma and we need your help.Home loan rates remain low, spark sales activity
November 29, 2012 @ 10:13 am
Average U.S. rates on fixed mortgages stayed close to record lows this week, a trend that has made home buying more affordable and helped the housing market recover, the Associated Press reported.
Representatives from Freddie Mac, a primary player in the secondary mortgage market, said that the average rate on the 30-year loan edged up to 3.32 percent. That's close to last week's rate of 3.31 percent, the lowest on records dating to 1971.
The average on the 15-year fixed mortgage ticked up to 2.64 percent from 2.63 percent last week, also a record low.
The average rate on the 30-year loan has been below 4 percent all year. It has fallen further since the Federal Reserve started buying mortgage bonds in September to encourage more borrowing and spending.
Low mortgage rates have helped lift home sales this year. The National Association of Realtors said that its index measuring the number of people who signed contracts in October to buy homes jumped to its highest level in almost six years.
Still, the housing market has a long way to a full recovery. And many people are unable to take advantage of the low rates, either because they can't qualify for stricter lending rules or they lack the money to meet larger down payment requirements.
Bonneville Media encourages site users to express their opinions by posting comments. Our goal is to maintain a civil dialogue in which readers feel comfortable. At times, the comments can descend to personal attacks. Please do not engage in such behavior. We encourage your thoughtful comments which: have a positive and constructive tone, are on topic, are respectful toward others and their opinions. Bonneville reserves the right to remove comments which do not conform to these criteria.