According to the latest survey by Freddie Mac, a 30-year fixed-rate mortgage interest rate at the end of last week was 3.88%. That’s down a full point from the same mortgage one year ago.
A 15-year fixed-rate mortgage is available for just 3.13%, again down a full point from a year ago.
Combined with still-falling housing prices, Freddie Mac’s chief economist said, “[T]he typical family had more than double the income needed to purchase a median-priced home in January. … This high level of affordability likely contributed to the recent two-week rise ending March 2nd in mortgage applications for home purchases.”
The Freddie Mac press release is available here.
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