Keeping mortgage rates low is helping to stimulate real estate across the Country. For the past few months the public and private sectors have been putting their heads together to get our Country out of the mess we are in and real estate and lending have been the primary focus. The lowering of mortgage rates and keeping the interest rates low has been playing a major role in turning real estate around and getting potential home buyers off of the sidelines and into property. Low mortgage rates are helping keep the cost of buying real estate low, enticing people to buy property.
Mortgage rates have been holding at historically low rates. The current average rate for a 30 year fixed mortgage is 5.12%. The average rate for a 15 year fixed mortgage is 4.69%. A recent article at Realty Times points out “Low rates contributed to existing home sales rising for the fourth consecutive month to an annual pace of 5.24 million in July, the most since August 2007, according to the National Association of Realtors.”
There is a drive to continue to keep mortgage rates low as the low rates appear to be doing the trick as the real estate sales volume continues to increase across the Nation.