Freddie Mac reports the continual drop in rates for both 30 yr-fixed mortgages as well as 15 yr-fixed mortgages.
Rates ended at 3.56% for a 30 yr-fixed loan and 2.86% for a 15 yr-fixed loan. Both percentages, according to USA Today, represent the lowest rates “since long-term mortgages began in the 1950s.”
With rates remaining at record low levels for the last 3 months, the housing market is showing slow signs of recovery. Reports have shown an increase in home sales in the month of May, home values are slowly rising, and home builders are increasing the number of projects started.