Mortgage Rates Slide to Almost 2-Year Low
US mortgage rates fell to 20-months this week and continued a trend that has spurred a welcome increase in home loan applications. The 30-year fixed mortgage rate averaged 3.59% compared to 3.66% the previous week. And the average 15-year rate declined to 2.92% from 2.98%, according to a Freddie Mac statement today.
The ease in lending has finally brought still-skittish Americans back into the housing loan market. The Mortgage Bankers Association recently reported that refinancing applications hit an 18-month high in January. Yet the market isn't exactly booming, despite whispers of a millenial homeownership surge: existing home sales fell 3.1% last year.