The average U.S. rate on the 30-year fixed mortgages dropped slightly to 3.98% this week staying below 4% for the second consecutive week.
According to mortgage buyer Freddie Mac, the average rate for 30-year loan remained practically unchanged this week, falling slightly to 3.98% from 3.99% last week as the cost of home buying and refinancing stayed near record lows.
A 15-year fixed mortgage also fell to 3.21% from 3.23%, according to sources.
U.S home prices are still falling from December last year, being an unexpected decline in housing market.
“Despite some positive economic signs, home prices continued to drop,” said David Blitzer, chairman of the index committee at S&P Indices.
The Mortgage Bankers Association announced this week an encouraging change for the housing market. The mortgage applications to buy a house are about 10% ahead of year ago levels.No tags for this post.