Mortgage Rates Hit 18-Month Low
The average rate for a 30-year fixed-rate mortgage fell for the fourth week and hit 3.9%, the lowest rate since May 2013. Last week the rate stood at 3.97%. Falling mortgage rates could help spur purchases, especially for first time, middle- and lower-class buyers who've recently been shut out of the market thanks to ever-rising prices. Home prices jumped 6.1% in October for their 32nd consecutive year-to-year improvement, according to data from CoreLogic cited by Bloomberg.
Indeed, last week the Federal Reserve Bank of New York announced that 2014 was on track to be the weakest for mortgage lending in 14 years.