National average US mortgage rates for 30 year fixed rate loans hit new all-time record lows this week, marking the ninth time records have been broken in the last year alone. However, even with the lowest interest rates and incredible borrowing opportunities in recorded history, the market as a whole remains dangerously depressed.
According to official weekly reports supplied by mortgage giant Freddie Mac, average rates for 30 year fixed rate home purchase loans hit 3.87% for the first time this week, down from the previously established record of 3.88% over recent weeks.
Interest rates on 15 year fixed mortgage deals also fell to reach lows of 3.14%, also the lowest in recorded lending history.
Mortgage rates across the US have been incredibly low for well over a year now and the most popular 30 year fixed rate package has been close to the 4% mark for no less than three months straight. Unfortunately, data is consistently revealing that very few who may otherwise be interested in the rates are in fact able to qualify for a loan, whereas those who are indeed able to qualify have already taken advantage of them.
As such, the market as a whole has stalled once again with no signs of improving mortgage application volumes.
High levels of unemployment and general scarcity of money has made it impossible for most to come up with the high deposits required to qualify, while others seeking refinances are finding their home values have plummeted and therefore exclude them from consideration.