Record low average 30-Year Fixed-rate Mortgage remains
Posted on Wednesday, February 22, 2012 at 5:37:51 PM
The Primary Mortgage Market Survey reported the average 30-year fixed-rate mortgage rate remained at record lows for the third straight week, according to Freddie Mac. Rates have remained at 3.87 percent since the first week of February 2012, representing an influx of home mortgage comparisons by consumers considering refinancing.
"Fixed mortgage rates were unchanged this week amid mixed confidence measures. Small business confidence ticked up slightly in January, representing a fourth consecutive month gain, according to the National Federation of Independent Business index," said Frank Nothaft, vice president and chief economist of Freddie Mac.
The average 30-year fixed-rate mortgage rate spent the last 11 weeks under 4 percent and spent the last 52 weeks, since February 2011, below 5 percent, according to the report.
Consumers should consider buying a new property if they are approved for residential financing, have a decent down payment saved, have a steady income and an appropriate credit score. The increase in housing market confidence across the related industries shows promise.