Thursday, January 10, 2013

US mortgages still near record lows

The average rate of fixed loans in the US hovered near historical lows this week, a trend that has made homes more affordable and contributed to a housing recovery, reported the Associated Press.

According to mortgage giant Freddie Mac, average 30-year fixed loans dipped from last week’s 3.35 percent to 3.34 percent, slightly higher than the record low of 3.31 percent seen in November.

At the same time, the rate on 15-year fixed loans slipped from last week’s 2.65 percent to 2.64 percent, a notch above the record low of 2.63 percent.

In 2012, the annual average on 30-year fixed loans stood at 3.66 percent — the lowest yearly average in 65 years, noted Freddie Mac.

Moreover, near record-low loans boosted sales of previously occupied homes to their highest level in three years.

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