As interest rates fell below 5% last week, applications for US mortgages jumped to their highest level since late May.
Low mortgage rates combined with high affordability and the $8,000 tax credit for first-time buyers have helped stabilize the housing market, but the tax credit deadline set to end November 30 masks uncertainty about the long-term outlook.
According to the Mortgage Bankers Association, borrowing costs on 30-year fixed rate mortgages averaged 4.97% last week, shy of the all-time low 4.61% set at the end of March, but still well below the year-ago rate of 6.08%.
http://www.reuters.com/article/economicNews/idUSN2338876420090923
Tags: consumer, economy, Home, mortgage rates
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