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July 9, 2012 / nashvilleonthemove

Mortgage Rates Hit Historic Lows – Again | Nashville Real Estate

Fixed mortgage rates in the U.S. set new record lows again this week, with the average on the 30-year loan dropping to 3.62 percent, down from 3.66 percent last week. Again, that percent is the lowest since long-term mortgages began in the 1950s. The historically low rates may help provide incentive for buyers in a recovering housing market.

The 15-year mortgage average fell too, down to 2.89 from last week’s record of 2.94 percent. The dropping rate on the 30-year loan has fallen or matched record low levels in the past 10 of 11 weeks and has stayed below 4 percent since December. Low mortgages have helped provide stability and a boost to the housing market which has long-suffered, however numbers this year show it strengthening slowly but surely with each passing month, with home prices rising in most markets and builders seeing more home builds starting at a faster pace.

 

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