By Marcy Gordon, Associated Press
WASHINGTON (AP) – Nov. 30, 2012 – Average U.S. rates on fixed mortgages stayed close to record lows this week, a trend that has made homebuying more affordable and helped the housing market recover.
Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan edged up to 3.32 percent. That’s close to last week’s rate of 3.31 percent, the lowest on records dating to 1971.
The average on the 15-year fixed mortgage ticked up to 2.64 percent from 2.63 percent last week, also a record low.
The average rate on the 30-year loan has been below 4 percent all year. It has fallen further since the Federal Reserve started buying mortgage bonds in September to encourage more borrowing and spending.
Low mortgage rates have helped lift home sales this year. The National Association of Realtors on Thursday said that its index measuring the number of people who signed contracts in October to buy homes jumped to nearly its highest level in almost six years.
Home prices also have increased, which makes consumers feel wealthier and more likely to spend. And builders are more confident that the market will improve and have started more homes.
