Freddie Mac announced today that the average rate for a 30-year, fixed-rate loan fell to 4.14% from 4.2% last week.
But lower mortgage rates have not boosted the housing market.
According to the Mortgage Bankers Association, mortgage applications today are 10% lower than they were a year ago. There are several reasons why.
In some markets, home sales have been hurt by shortages of inventory, leaving buyers with few homes to choose from. Also, lending standards continue to be strict.
But there does seem to be a light at the end of the tunnel. For instance, the lower rates have spurred an increase in refinancing applications.
In April, new construction and permits for new construction were both higher than originally projected.
The average rate for a 15-year mortgage, a popular loan for refinancing, fell to 3.25% from 3.29% a week earlier.
If you were thinking about buying a home in the Capital Region, take advantage of these low mortgage interest rates. You can search all homes for sale at www.AlbanyHomes411.com