Interest rates hit yet another historic low as purchases spike

Historically low-interest rates went even lower this week. The 30-year fixed-rate mortgage average from Freddie Mac went down to 3.03%. Remember, that is an average, which means there are plenty of buyers or refinancers getting rates under 3%. 

Low rates are helping spur a spike in purchases. The weekly index from the Mortgage Bankers Association shows purchase demand spiked by 5% week-over-week with a 33% annual increase. The side effect for buyers is home prices are also increasing.

Continue reading Interest rates hit yet another historic low as purchases spike at Movement Mortgage Blog.

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via Naza Finance Blog