Mortgage Rates Remain Low Amid Improving Housing Market

Source: RISMedia


Mortgage rates are looking stable amid an improving housing
market, with Freddie Mac’s latest survey showing that lenders were
offering 30-year fixed-rate home loans this week at an average
interest rate of 4.02 percent, up from 4 percent a week ago.
The results of Freddie Mac’s weekly survey, released Thursday, says
the average for a 15-year fixed mortgage slipped from 3.23 percent to
3.21 percent. The start rates for adjustable mortgages also fell slightly.

While higher than recent levels, Freddie’s survey showed the 30-year
average at less than 3.6 percent at one point in January–the rates
are still exceedingly low by historical standards and lower than
a year ago, when the 30-year loan averaged 4.14 percent.

Sean Becketti, Freddie Mac’s chief economist, noted that home sales
have strengthened recently as buyers anticipate that the
Federal Reserve will begin raising interest rates later this year.

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