Average mortgage rates in the US inched up last week but are still near historic lows, keeping home buying and refinancing attractive for consumers, reported The Associated Press.
According to mortgage giant Freddie Mac, the average rate for 30-year loans rose to 3.34 percent from the previous week’s 3.32 percent. Two weeks before, the rate fell to 3.31 percent, the lowest record since 1971.
The 15-year fixed loan average climbed to 2.67 percent from last week’s 2.64 percent. Two weeks ago, it dropped to its lowest level of 2.63 percent.
Mortgage rates hovered near record lows throughout the year, helping to drive a modest housing recovery. Sales of new homes and previously occupied houses also grew compared to last year, while home builders are more optimistic and are building more homes.
Furthermore, a report from Core Logic revealed that a measure of US home prices have increased, moving up 6.3 percent in October compared to the same period last year. This is also the biggest yearly gain since July 2006.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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