NEW YORK (CNNMoney) -- Mortgage rates dipped into record territory again, with the 15-year fixed-rate falling to its lowest level in 60 years and the 30-year fixed-rate just a tick off its own record. A popular choice among homeowners looking to refinance, 15-year, fixed-rate mortgages averaged 3.13% last week, down slightly from the record low of 3.14% set in early February, according to Freddie Mac. The average rate on 30-year fixed-rate mortgage fell to an average of 3.88%, a mere 0.01 percentage points above its previous record low.
The record low rates have helped make housing as affordable as ever, according to Frank Nothaft, Freddie's chief economist."With these historically low rates and declining house prices, the typical family had more than double the income needed to purchase a median-priced home in January," he said.
To view the full article please visit: http://money.cnn.com/2012/03/08/real_estate/mortgage-rates/index.htm
The record low rates have helped make housing as affordable as ever, according to Frank Nothaft, Freddie's chief economist."With these historically low rates and declining house prices, the typical family had more than double the income needed to purchase a median-priced home in January," he said.
To view the full article please visit: http://money.cnn.com/2012/03/08/real_estate/mortgage-rates/index.htm
Please call or e-mail Melissa today for more information or to schedule a showing today at :
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