Mortgage rates hit new 2014 low
The average rate on a 30-year fixed-rate mortgage was 4.1 percent this week, down from 4.12 percent.
The average rate for a 30-year fixed mortgage was 4.1 percent, down from 4.12 percent, Freddie Mac said in a statement on Thursday. The average 15-year rate slipped to 3.23 percent from 3.24 percent, according to the McLean, Virginia-based mortgage-finance company.
The 30-year rate was last this low at the end of October. It has declined from a two-year high of 4.58 percent last August, helping support home demand. Previously owned houses sold at an annualized rate of 5.15 million in July, up 2.4 percent from the previous month and the most since September, the National Association of Realtors said on Thursday.
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"The longer rates are down at these levels, the more activity we’re going to get," Mark Vitner, senior economist at Wells Fargo Securities LLC in Charlotte, North Carolina, said in an interview before the data were released. "They're helping in some way, but that activity may be less than hoped for."
Last month's sales pace was down 4.3 percent from July 2013, figures from the Realtors group show.
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I've also had discussion with my mortgage agent, Safebridge Financial Group, ON, and they feel that this low is going to stay for a while. Seems like most of the analyst also feels the same, and are expecting this low rates till 2016.
Anyone who has a good credit rating and a job
can get a loan today..
The lenders are in the market to loan..
And the homes are available..
America "Is On The Rise Again"