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Mortgage Rates Fall

The average rate on a 30-year fixed mortgage continues to sink towards record lows. The rate fell to 3.4% this week, down from 3.41% for the prior week, according to the Freddie Mac weekly survey. Furthermore, the rate on a 15-year fixed-rate mortgage reached a record low of 2.61%. These low rates continue to have a positive impact on the overall housing market. Several other positive signs noted: homes are selling at the highest averaged annualized pace since the forth quarter of 2009, first quarter home sales were their strongest since the third quarter of 2008, and February marked the thirteenth consecutive month the Federal Housing Finance Agency has recorded a rise in its 12-month U.S. house price index. To read the full report visit USA Today.

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