Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year home loan was unchanged at 3.87 percent. That’s the lowest level since long-term mortgages began in the 1950s – this is the third straight week of record lows.
The average on the 15-year fixed mortgage, according to Freddie Mac, was also unchanged at 3.16 percent. That’s up from a record low of 3.14 percent reached two weeks ago.
In other news, mortgage delinquencies declined in the fourth quarter of 2011 as an improved job market helped more borrowers pay their bills on time. The delinquency rate for all home loans dropped to 7.58 percent from 7.99 percent in the previous three months, according to a report from the Mortgage Bankers Association.
On the job front, the unemployment rate fell for a fifth straight month in January to a three-year low of 8.3 percent. According to the National Association of Realtors, the improving economy is bolstering housing demand – which rose 5% in December. Click to learn more here.
Higher home builder confidence, a key indicator that the housing market is moving toward sustainable growth, is at the highest level the NAHB/Wells Fargo Housing Market Index has reached in more than four years. This index gauges builder perceptions of single family home sales and expectations for the next six months. Click here to learn more.
Inlanta Mortgage professionals keep a close eye on housing and economic news. If its important to potential homebuyers – it is important to mortgage professionals. Current market conditions provide wonderful opportunities to those who may be considering purchasing a home now or in the near future If you are ready to start shopping and are interested in discussing your financing options –contact a licensed mortgage loan originator near you.
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.