Dallas Refinance: Dallas 30-year fixed mortgage rates make new lows!

Dallas Refinance: Dallas 30-year fixed mortgage rates make new lows!

http://www.usatoday.com/money/economy/housing/2011-08-18-mortgage-rates_n.htm

The rate on the most popular Dallas 30-year fixed mortgage dipped to 4.15% from 4.32% a week ago, Freddie Mac said Thursday. The previous low of 4.17% was reached in November. The last time long-term rates were lower was in the 1950s, when 30-year fixed loans weren’t widely available. Most long-term home loans then lasted 20 or 25 years.

Few expect even record-low rates to energize the depressed home market. Over the past year, the average rate on Texas 30-year fixed mortgages has been below 5% for all but two weeks. Yet prices and sales remain unhealthy and are holding back the overall economy.

Fewer Americans bought previously occupied homes in July for the third time in four months, the National Association of Realtors said Thursday. It said sales fell 3.5% last month to a seasonally adjusted annual rate of 4.67 million homes. That’s far below the 6 million that economists say must be sold to sustain a healthy housing market.

Five years ago, the average 30-year fixed rate was near 6.5%. In 2000, it exceeded 8%.

After previous recessions, housing accounted for 15% to 20% of economic growth. This time, in 2009 and 2010, housing contributed just 4% to the economy.

Many would-be buyers can’t take advantage of the low rates. The unemployment rate is 9.1%, few Americans are getting raises and many are struggling to shrink their debt. Banks are also insisting on higher credit scores and larger down payments for first-time buyers. Many repeat buyers have too little equity in their homes to qualify for loans. Others are too nervous about the economy or their job security to invest in a home.

The average rate on a Dallas 15-year fixed mortgage, which is popular for refinancing, fell to 3.36%, also a record low. It’s the third straight week of record lows for the popular refinancing option. Freddie Mac’s records date to 1991, but analysts believe the new low on the 15-year mortgage is the lowest ever.

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