With signs of an improving housing market, mortgage rates took another dip this week, matching at or near the all-time record lows, Freddie Mac reports in its weekly mortgage market survey.
For the fifth consecutive week, 30-year fixed-rate mortgages have averaged below 4 percent, which was unheard of until a few months ago.Â
"Fixed mortgage rates started the year a little lower this week just as recent data reports indicate the housing market and manufacturing industry are showing signs of improvement,â€ Frank Nothaft, Freddie Macâ€™s chief economist, said in a statement. Pending home sales for existing-homesÂ soared 7.3 percent in November â€” its strongest pace since April 2010, the National Association of REALTORSÂ® recently reported. Construction spending also increased in November by 1.2 percent â€” all serving as positive signs that housing is on the rebound.
Hereâ€™s a closer look at rates for the week ending Jan. 5:Â
Source: Freddie Mac
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