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Interest Rate Updates for Home Financing and Mortgage Refinance Rates
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October 2012
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Rates on Home Mortgages Remain Low and Affordable

The average fixed interest rate on a 30-year loan has fallen to near its record low set earlier this month. The rate on the most popular mortgage dipped to 3.37% from 3.39 last week, mortgage buyer Freddie Mac said. Two weeks ago, the rate reached 3.36%, its lowest level on records dating to 1971. The average rate on the fixed 15-year loan, often used for refinancing, set a record low of 2.66%, down from last week’s 2.7%. Today applicants that seek a no cost home loan will typically pay a point. Less costly mortgages are helping fuel a modest but steady housing recovery. The average rate on the 30-year loan has remained below 4% all year. And rates have fallen even further since the Federal Reserve started buying mortgage bonds in September to encourage more borrowing and spending. The Fed said it would continue buying bonds until the job market shows substantial improvement. When home prices rise, people tend to feel wealthier and spend more freely. And consumer spending drives nearly 70% of economic activity.

With refinancing activity surging, it makes sense to shop lenders and compare mortgage refinance rates online.

Sales on houses have inched up slightly from last year, and prices are rising more consistently in most areas. Builders are clearly more confident but has the housing market turned the corner for good. Read
the Interest Rate Article from the Detroit News.



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