Us mortgage rates fall back to near-record lows

Mortgage rates have fallen back to near-record lows in the US this week.

Rates have been climbing steadily in recent months as the US housing market recovery builds momentum. The rise in rates, combined with increasing property prices, has deterred buyers from purchasing homes, with sales declining in the second half of 2013 following a period of record affordability.

Buyers may take some encouragement, then, from the news from Freddie Mac that mortgage rates declined again this week, nearing historically low levels once more.

The lender said last Thursday that the average 30-year loan rate dropped to 4.41 per cent from 4.51 per cent last week, while the average for 15-year loans dipped from 3.56 per cent to 3.45 per cent.

Source: Daily Finance