The average rate of 30-year fixed mortgages in the US remained unchanged this week after it dropped to 3.98 percent last week, according to mortgage lender Freddie Mac.
Meanwhile, 15-year fixed-rate mortgages also fell to 3.21 percent, above the record low of 3.13 percent seen in March.
Mortgage rates in the US have been hovering below four percent, lifting the outlook for the residential market after home sales recorded four sluggish years.
According to a report, the first two months of the year accounted for the best winter for resales in five years since the height of the housing crisis. Applications for new mortgages also rose in March and the average loan size also saw a sharp increase, suggesting a bigger appetite for home sales.
Data from the Mortgage Bankers Association (MBA) showed that the average size of mortgage applications climbed by US$20,000 (S$25,208) to US$235,000 (S$296,200) in March. This was mainly attributed to an improved job market, which saw the unemployment rate drop to 8.3 percent in February, from 9.1 percent in August last year, the lowest level in nearly three years.
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