Freddie Mac’s weekly survey of fixed mortgage rates shows them moving slightly higher for the week but still remaining near historic lows. The average 30-year fixed-rate mortgage has remained below 4 percent for over a year providing support to the ongoing housing recovery.
Frank Nothaft, vice president and chief economist stated: "Low and relatively steady mortgage rates are invigorating the housing market. For instance, existing home sales over January and February experienced the strongest two-month pace since November 2009, while new home sales were the strongest since August and September 2008. This strong demand helped push the S&P/Case-Shiller® 20-city home price index (seasonally adjusted) in January to its highest reading since December 2008. Moreover, the number of consumers expecting to purchase a home over the next six months rose to 5.6 percent in March, the second highest share since data was first collected in February 1964, according to The Conference Board."
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