Mortgage interest rates falling - KWWL - Eastern Iowa Breaking News, Weather, Closings

Mortgage interest rates falling


The average rate on the 30-year fixed mortgage was nearly unchanged this week after rising sharply last week.

Freddie Mac says the rate on the 30-year loan edged down to 4.11 percent from 4.12 percent last week.  The week before, it fell to 3.94 percent.  That's the lowest rate ever, according to the National Bureau of Economic Research.

The average rate on the 15-year fixed mortgage ticked up to 3.38 percent from 3.37 percent. It hit a record-low of 3.26 percent two weeks ago.

However, these kind of low rates have done little to revive the lagging housing market, which has struggled with weak sales and declining prices.  Many can't qualify for loans because their credit is weak or they can't afford a down-payment.  Most of those who can afford to refinance already have.

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