Mortgage rates are at their lowest level in more than three years, potentially boosting the U.S. housing market as it enters the crucial spring selling season.
The average rate on the 30-year fixed-rate mortgage, the most popular home loan in the U.S., dropped to 3.45%, according to data released Thursday by mortgage-finance giant Freddie Mac. That is down from 3.51% a week earlier and 4.41% this time last year. The average rate on the 15-year mortgage also dropped to a three-year low of 2.97%.
There needs to be more affordable housing available
WE better take advantage of these POLITICALLY LOW rates before NOV. election---Because no matter who wins---The rates will SOAR!!!
'Mortgage rates are at multiyear lows, which could fuel home buying. Still, high prices are keeping many would-be buyers out of the market.
Houses are like bonds, price works inversely to rates. Except at the very high end, housing trades based on monthly payment.
Or, put another way, low rates are keeping prices high. The market (if we had a real one) wants deflation.
I’m a would-be yacht owner.. prices are just too high tho