Mortgage Interest Rates Fall

Mortgage interest rates dropped this past week. They remain under 4% for borrowers with the best credit scores.

There’s not much demand for mortgages so with reduced demand, suppliers of such loans must drop their prices (interest rates and fees) to stimulate more buyers.

Report: The super-low rates are helping the housing market recover, albeit slowly. Home sales have been rising and the four-week average of home purchase applications was up in January and February, according to the Mortgage Bankers Association.

In recent months, other signs have emerged that suggest the troubled housing market could start to turn around this year.

Builders are more optimistic after seeing more people express interest in buying a home. Construction has picked up and builders are requesting more permits to build single-family homes. And the supply of homes on the market is falling, which could send home prices higher.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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