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Eau Claire (WQOW) - Fixed rate mortgages broke records
as they continued to fall this week.
National averages for a thirty year
fixed rate mortgage dropped to just 3.49%. That's the first time the number has
been below 3.5% in 60 years. It was slightly over 4 and a half percent at this
time last year. Market concerns over the economic recovery have pushed numbers
to record lows, and industry leaders are hoping the low rates help spur
economic growth.
"With that
increased activity, there are other goods and services that typically see
increases in sales. People typically buy more furniture, people buy more
carpet, people redecorate. So basically it's to increase all the activity in
the economy as it relates to housing purchases," said David FitzGerald,
Realtors Association of Northwest Wisconsin President.
The Federal Housing Administration
helps set rates. The numbers are based on weekly releases from mortgage lender
Freddie Mac.
