Housing Market, Mortgage Rates | featured news

Average U.S. rates on 30-year and 15-year fixed mortgages this week fell to fresh record lows for the sixth straight week. Cheap mortgages continue to help boost prospects for home sales this year.

Mortgage rates held fairly steady this week, with the 30-year fixed rate average creeping slightly lower to yet another all-time record, according to the latest data released Thursday by Freddie Mac. The 30-year slid down from 3.79 percent last week to 3.78 percent, marking its fourth record low in as many weeks. This time last year, the average was much higher at 4.60 percent.

Average U.S. rates for 30-year and 15-year fixed mortgages fell to fresh record lows this week, making home-buying and refinancing more affordable than ever for those who can qualify.

Mortgage rates are sharply lower on news of a weakening job market, with the 30-year fixed loan averaging 3.88% this week and the 15-year fixed at a record low of 3.11%, according to Freddie Mac.

Mortgage rates remained unchanged for the second consecutive week, holding steady this week at an all-time low of 3.87 percent for the average 30-year fixed rate, according to the latest Freddie Mac Mortgage Market survey released Thursday.

The average 30-year mortgage rate rose to 3.98 percent Thursday, reflecting a 0.10 percentage point jump after setting a new historic low last week, according to Freddie Mac. Despite the jump, the 30-year fixed rate has remained below 4 percent for eight weeks, and the Federal Reserve yesterday indicated it plans to keep interest rates at zero for some time.

Fixed mortgage rates fell once again to a record low, offering a great opportunity for those who can afford to buy or refinance homes. But few are able to take advantage of the historic rates.

2012 looks to be another year of opportunity for the few who can afford to buy or refinance a home.

Fixed mortgage rates in the U.S. touched historic lows over the past week, with the 30-year home loan returning to its record trough of 3.94%, amid troubling reports on the state of the housing market.

For the second time in history—and the second time in as many months—average rates on 30-year fixed-rate mortgages fell below 4%.