Friday, January 20, 2012

Mortgage rate continues to hit new lows

View Photo Gallery — How does your city stack up?: The Standard & Poor’s/Case-Shiller home price index offers a monthly assessment of how home prices are faring from city to city. In the most recent report, only one city saw an increase in prices for the month.

By , Published: January 19

The average rate on a 30-year fixed mortgage reached a new low this week, falling to 3.88 percent, according to data released Thursday by Freddie Mac.
The average 30-year rate fell a fraction of a percentage point below last week’s 3.89 percent, the previous record low, and marks the seventh consecutive week in which the average has been below 4 percent. The average 15-year mortgage rate, which is popular among homeowners who are refinancing, hit 3.17 percent, up from last week’s 3.16 percent figure.

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