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Mortgage Rates Stay Low, Encourage Buyers
By: alyssa g
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Thu, 02/04/2010 - 09:02
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Long-term unemployment and a pent-up supply of foreclosed properties still threaten the recovery of the housing market, but low borrowing costs could encourage buyers.
Interest rates rose just 0.03 percent last week, to 5.01 percent. That's above the record low of 4.71 percent in early December, but rates were higher a year ago at 5.25 percent, Reuters reports.
Other advantages to buyers include home prices down 30 percent from their peak in 2006 and the ongoing federal homebuyer tax credit, both of which have contributed to some stabilization in the housing market.
Pending sales of existing homes were up in December, and last week, mortgage applications increased to a six-week high. The Federal Reserve said a survey of loan officers indicated that tight loan standards are beginning to relax.
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