For the first time in three weeks there has been a fall in US Mortgage rates, which gives a further boost to the potential for further stabilization in the housing market.
It has been said by mortgage buyer Freddie Mac of McLean, Virginia,in an statement that the average 30-year rate dropped to 5.22% from 5.25%. The 15-year rate averaged 4.63% for the week that ended today.
In the fourth year of the housing recession lower rates may increase demand for homes. In June there has been a rise in New and existing-home sales as falling prices and a government tax credit lured buyers. In May the S&P/Case-Shiller home price index rose 0.5 percent from the prior month, that was the first gain since July 2006.