The economy may still be in recovery stages but recent reports show that momentum may regained really, really soon. Take for example the report on this week’s U.S. mortgage rates. With mortgage rates being at its lowest in the last 40 years, real-estate watchers are crossing their fingers that the market will pick up soon and banks will start helping more people with house purchases.
In a seven-day period that ended Thursday, numbers show that the 30-year mortgage rate is at its lowest ever since Freddie Mac tracked the said figures in 1971. The average 30-year mortgage rate tumbled from 4.36% to 4.32% last week. The number is also lower by 5.08% from 2009.
Good things in the housing market are already stemming from the depreciating rates. The low mortgage rates may have resulted to the unexpected growth in July pending sales – although the extension of tax credit for homebuyers may as easily have caused this as well.