Freddie Mac reported on Aug. 18 that the 30-year fixed mortgage rate fell to 4.15 percent for the week from 4.32 percent the prior week, marking the lowest level since 1971. The 15-year fixed mortgage rate dropped to a new low of 3.36 percent. Joel Naroff of Naroff Economic Advisers says low mortgage rates will not spark a recovery in the housing market, citing the difficulty of qualifying for a mortgage.
[SOURCES: Freddie Mac; Information, Inc.]
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It is a little bananas that these ultra low interest rates are not driving purchases more than they are. A tad worrying.
Agreed. I think rates will stay low for awhile though.