Housing Shows Improvement and Still Low Mortgage Rates

Housing reports over the past week show that improvements have continued while mortgage rates have stayed historically low. According to the National Association of Home Builders/First American Improving Markets Index, the number of improved metropolitan areas rose for a fifth straight month.

Housing improvement is measured by housing permits, employment and home price factors for a period of at least six straight months. The National Association of Realtors also reported that home affordability could set a record for the year 2012 when all statistics have been finally gathered.

On a good note also, mortgage applications have increased also since the holidays, according to the Mortgage Bankers Association’s Market Composite Index. Mortgage applications rose almost 12%. 30 year fixed mortgage rates are as low as 3.125% and 15 year rates as low as 2.375%. These low mortgage rates are offered to borrowers who have maintained a record of good average credit.

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