Despite small increases for the past few days, average mortgage rates have remained at their lowest since last May. This is good news for the faltering housing market, which has seen a dramatic increase in home sales since the rates started to drop in August of this year.
A year ago, the average APR for a 30 year mortgage was 6.1%, and the 15 year APR average was 5.78%. Experts say that rates will most likely stay low for the next few years until the housing markets turn around; probably not until at least 2011. Until then, people looking to buy a home, especially first time homebuyers, will benefit from a market with little left to offer except incredibly low rates.