Rancho Cucamonga, CA (PRWEB) May 01, 2013
Over the last two years, the housing market has improved gradually. Consumer confidence in the market is up from its post-bubble lows and interest rates are hovering near historic lows.
Loans.org analyzed the average mortgage interest rates for 30-year fixed, 15-year fixed, 5-year adjustable and 1-year adjustable mortgages between 2011 and 2013.
The report found that the average interest rate for 30-year fixed-rate mortgage peaked in February of 2011 at 5.05 percent and has not topped that level in two years. Interest rates dropped in 2011, but this did not bring the housing market up to its pre-bubble levels.
In 2012, consumer confidence rose. The 30-year FRM dropped to its historic low of 3.31 percent and consumer confidence, as well as home prices, rose.
As for this year, Len Kiefer, Freddie Mac’s deputy chief economist, told loans.org that he expects 2013 to be the best year for buying homes since 2007.
To read the rest of our interest rate analysis, please visit http://loans.org/mortgage/research/past-present-future-housing-interest-rates
For additional information on mortgage interest rates and the housing industry as a whole, please visit http://loans.org/mortgage
loans.org is a leading lending authority website that covers financial news, produces informative articles, and answers frequently asked questions. In addition to providing lending-related information, loans.org also hosts a variety of free online application forms for prospective borrowers to use when applying for loans.
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