Rates on 30-year mortgages decline to 3.54 percent

According to Freddie Mac, the average rates for 30-year fixed mortgages fell to 3.54% this week compared to 3.63% last week.

The decline kept mortgage rates close to the recent historic lows, a trend which has helped support the continuing housing recovery in the U.S. The current rates are near last November’s low of 3.31%, which was the lowest on record in over 40 years dating all the way back to 1971.

The low rates continue to be a driving force behind the increased home purchases and refinancing activities.

According to the National Association of Realtors, home sales increased 0.8 percent in February from January to a seasonally adjusted annual rate of 4.98 million. That was the highest sales pace since November 2009, when a temporary tax credit for home buyers had boosted sales.

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