US rate on 30-year mortgage dips to 3.88 percent Associated PressBy MARTIN CRUTSINGER | Associated Press – 3 hrs ago
WASHINGTON (AP) — The average rate on the 30-year fixed mortgage has dipped to near its record low, keeping home-buying and refinancing affordable.
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.88 percent this week, down from 3.9 percent. In February, the rate hit 3.87 percent, the lowest since long-term mortgages began in the 1950s.
The 30-year loan is the most common financing option for home buyers.
The average on the 15-year fixed-rate mortgage, popular with homeowners who are refinancing, dipped to 3.12 percent, down from 3.13 percent last week. The national average hit an all-time low of 3.11 percent two weeks ago.
Cheaper mortgages have so far done little to boost home sales. Sales of both previously occupied homes and new homes fell in March. Analysts suspect some of that weakness reflected a warm winter, which pulled sales that would normally occur during the spring buying season into January or February.
In addition, some potential buyers are skeptical about purchasing a home with prices still falling. And many Americans are still struggling with damaged credit.
To calculate the average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.
The average rate does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
For the five-year adjustable loan, the average rate rose to 2.85 percent, up from 2.78 percent. The average on one-year adjustable loans dropped to 2.74 percent, down from 2.81 percent.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Home prices need to correct themselves and only home buyers will know when they feel comfortable in making the purchase. The fact that prices are continuing to drop just shows how overpriced and manipulated the housing market really was.
"In the beginning of a change, the Patriot is a scarce man, brave, hated and scorned. When his cause succeeds, however, the timid join him, for then it costs nothing to be a Patriot."
Not to point to schenectady. But so many of the taxes are upside it drives the value down. Their are tons of houses that are now sitting on the market because taxes that are thousands of dollars too high present a risk to the homebuyer. Buy a house for 190k with 4,200 in taxes, or buy ahouse next door 190k with 6,200 in taxes and hope you can get a reassessment. It's a poison pill for house sales in schenectady county and all over the capital district.
I don't spell check! Sorry... If you include "No offense" in a statement, chances are, your statement is offensive.
People are still waiting for the absolute bottom of the market to appear. Once its clear we are there, then you will see sales and prices pick up.
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
Home prices need to correct themselves and only home buyers will know when they feel comfortable in making the purchase. The fact that prices are continuing to drop just shows how overpriced and manipulated the housing market really was.
Agree! And mainly because these houses are w-a-y over priced for the economy!!! Realtors are pricing the housing market right out of business. The rates are so damn low that the banks should be working overtime. Realtors are trying to keep prices higher to generate a higher commission for themselves. Understood..............but this ain't gonna get the market moving!
The housing prices are w-a-y too high for the present economic climate! Both the homeowner who is trying to sell and the realtor needs to come to grips and understand this fact.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
The savings from lower interest rates will eventually get eaten up by school districts and local governments. It will NEVER end up in your savings account. People are hesitating to buy because of the uncertainty of taxation. People are well aware of the lucrative state pension programs and debt, and they know the government needs to get t the money from somewhere. Property ownership is the easiest way for government to get to your money.
Property isn't a "sure thing" investment anymore. There is a generation of Americans that lived through the 2008 housing bubble collapse and now know that.
Agree! And mainly because these houses are w-a-y over priced for the economy!!! Realtors are pricing the housing market right out of business. The rates are so damn low that the banks should be working overtime. Realtors are trying to keep prices higher to generate a higher commission for themselves. Understood..............but this ain't gonna get the market moving!
The housing prices are w-a-y too high for the present economic climate! Both the homeowner who is trying to sell and the realtor needs to come to grips and understand this fact.
The houses aren't way to high anymore, the house prices have come way down. But the tax bill doesn't change. These houses that were worth 250 one time can't sell at 190 now because the taxes are still based at that 250 price. Until the tax prices match the home values, the prices can come down and down, but the houses will NOT sell with taxes THOUSANDS of dollars above houses that are in the same price range.
I don't spell check! Sorry... If you include "No offense" in a statement, chances are, your statement is offensive.
The housing prices are w-a-y too high for the present economic climate! Both the homeowner who is trying to sell and the realtor needs to come to grips and understand this fact.
It's hard for them to accept it when most of them thought they had a good investment only to watch it crash, the gold they thought they were sitting on turned out to be lead. They were warned that it was a bubble which would eventually pop but they wished not to listen or were listening to the wrong people.
"In the beginning of a change, the Patriot is a scarce man, brave, hated and scorned. When his cause succeeds, however, the timid join him, for then it costs nothing to be a Patriot."
These houses that were worth 250 one time can't sell at 190 now because the taxes are still based at that 250 price. Until the tax prices match the home values, the prices can come down and down, but the houses will NOT sell with taxes THOUSANDS of dollars above houses that are in the same price range.
And local governments aren't QUICK to make that happen. They will resist it every step of the way.
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