The average rate on a 30-year fixed-mortgage fell below four percent this week, staying near historic lows.
The rate on a 30-year loan dropped to 3.99 percent from 4.08 percent last week. Last month, the rate dropped to the lowest seen since the 1950s at 3.87 percent. The average rate on the 15-year fixed-mortgage fell too, to 3.23 percent. That rate is down from last week’s 3.30 percent.
Low rates have made home buying and refinancing more affordable at a time when the housing market has slowly been showing hopeful signs of improvement. Still, economists say it will take several more years for the market to fully recover.
This is great news, though, and positive for those in the market to buy a home or refinance their mortgage.