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Fixed mortgage rates reach new record lows

11.21.2012

One major indicator of the housing market recovery is the rising residential construction rate.

As the housing market continues to gain momentum, mortgage rates fell to new all-time lows in the week ending November 21.

Despite the rising level of affordability, borrowers should remember that the exact mortgage rates they receive will depend on their financial standing and credit history.

During the week, the average rate for a 30-year fixed-rate mortgage fell to 3.31 percent, down from 3.34 percent, according to a report from Freddie Mac. Meanwhile, 15-year FRMs averaged 2.63 percent, which was down from 2.65 percent a week earlier.

"Fixed mortgage rates continued to ease somewhat this week to record lows and should help the ongoing housing recovery," said Freddie Mac vice president and chief economist Frank Nothaft.

One major indicator of the housing market recovery is the rising residential construction rate, Nothaft noted. In October, new home builds increased 3.6 percent from the previous month, according to data from the Department of Commerce. This could provide prospective buyers with more options to make the transition to homeownership in the near future.

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