The Associated Press reported that the average rate on a 30-year fixed mortgage is down to 3.88 percent, a record low, according to mortgage buyer Freddie Mac. Over the past four months, the rate for a 30-year fixed mortgage was around 4 percent. The new rates have not stimulated home sales yet as high unemployment and low wage gains make it difficult for people to qualify for loans. Some are worried about purchasing a home that may lose value in a few years. In 2011, previously-owned home sales increased slightly over 2010's figures, but new-home sales are "certainly to be the worst on records going back half a century," according to the report.
Even though the low rates have not motivated people to start buying homes yet, the National Association of Home Builders remains hopeful that these low rates will help to increase home sales within a year.
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