National average mortgage rates for 30 year fixed rate deals have seen their first rise in four weeks, according to the latest data released by the lending giant Freddie Mac.
Following no less than three straight weeks of record lows, Thursday saw national averages jump from 3.87% to the current 3.95% – the former of the two being the lowest on record since the 1950s.
However, the rate has remained below the 4% mark for its 12th week straight, continuing the incredible opportunities for home buyers and those seeking refinances who are able to qualify for the very best rates of all.
Average rates on 15 year fixed rate mortgages has also seen a fractional increase, now coming out at 3.19% as opposes to the 3.16% of last week – the all-time record having been set at 3.14% three weeks prior.
Unfortunately, the ongoing low rates appear to be doing little for the ailing housing market, with overall mortgage application volumes continuing to dwindle at disappointing lows – the general consensus being that most are unable to qualify for the exceptionally low rates and those who can have already invested.
However, optimism can be taken from the way in which the latest data also reveals that more first-time buyers are entering the housing market and sales of use homes have hit their highest levels since May 2010.
Overall vacant housing inventory has also hit a new low, which could in turn see an imminent increase in house prices.
