Mortgage interest rates fell this week as rates remain at historical lows for both 30 year and 15 year loans. Freddie Mac reported a rate of 3.98% for a fixed 30 year mortgage note and 3.21% for a fixed 15 year mortgage note.
Low interest rates are beginning to have a positive effect on the housing industry, though industry analysts expect a moderate level of gains.
The Mortgage Bankers Association (MBA) reported a rise in applications for new mortgages in the month of March. Resales in January and February were the best they’ve been in the last five years and home builders have requested more permits for building single family homes and apartments recently than in the last three years.