U.S. Mortgage Rates Hit Another Record Low

If you are a consistent reader of our MoreLoans4U mortgage marketing blog, you have no doubt seen our recent posts about the historically low mortgage rates our industry has seen over the last months.

That trend has continued through November, and mortgage rates have hit yet another historic record low.

According to Freddie Mac’s latest Primary Mortgage Market Survey (PMMS), fixed mortgage rates hit new record lows for the second consecutive week.

The rate for a 30-year fixed mortgage dropped to 3.31% last week, from 3.34% a week earlier. This is a substantial amount considering rates were at an already historic low of nearly 4% a year ago.

This is obviously fantastic news in the ongoing recovery of the housing industry.  More buyers are looking to finance the purchase of new homes, and a large number of current homeowners are looking to refinance.

Frank Nothaft, vice president and chief economist of Freddie Mac says, “Fixed mortgage rates continued to ease somewhat this week to record lows and should help the ongoing housing recovery. Already, new construction on homes was up 3.6 percent in October to the strongest pace since July 2008. In November, homebuilder confidence rose for the sixth straight month to its highest reading since June 2006 according to the NAHB/Wells Fargo Housing Market Index. And existing home sales increased 2.1 percent in October to an annualized pace of 4.79 million, exceeding the market consensus forecast.”

Have YOU seen an increase in business as a result of the record low mortgage rates?