WASHINGTON — The average U.S. rate for the 30-year fixedmortgage fell to a record low for a fourth straight week. Cheapmortgages have helped boost home sales modestly this year. Mortgage buyer Freddie Mac said today that the rate on the 30-yearloan dipped to 3.78 percent. That's down from 3.79 percent lastweek and the lowest since long-term mortgages began in the 1950s. The average rate on 15-year fixed mortgage, a popular option forrefinancing, held steady at 3.04, matching the record low hit lastweek. The average rate on the 30-year loan has been below 4 percent sinceearly December. Lower rates are a key reason the housing industryis flashing signs of a recovery five years after the bubble burst. In April, sales of both previously occupied homes and new homesrose near two-year highs. Builders are gaining more confidence inthe market, breaking ground on more homes and requesting morepermits to build single-family homes later this year. A better job market has also made more people open to buying ahome. Employers have added 1 million jobs in the past five months.The unemployment has dropped a full percentage point since August,from 9.1 percent to 8.1 percent in April. Still, the pace of home sales remains well below healthy levels.Economists say it could be years before the market is fully healed. Many people are having difficulty qualifying for home loans orcan't afford larger down payments required by banks. Some would-behome buyers are holding off because they fear that home pricescould keep falling. Mortgage rates have been dropping because they tend to track theyield on the 10-year Treasury note. Uncertainty about how Europewill resolve its debt crisis has led investors to buy more Treasurysecurities, which are considered safe investments. As demand forTreasurys increase, the yield falls. To calculate average rates, Freddie Mac surveys lenders across thecountry on Monday through Wednesday of each week. The average does not include extra fees, known as points, whichmost borrowers must pay to get the lowest rates. One point equals 1percent of the loan amount. The average fee for 30-year loans was 0.8, down from 0.7 last week.The fee for 15-year loans was 0.7, unchanged from last week, The average rate on one-year adjustable rate mortgages was 2.75percent last week, down from 2.78 percent the previous week. Thefee for one-year adjustable rate loans was 0.4, down from 0.5 lastweek. The e-commerce company in China offers quality products such as Led Side Marker Lights Manufacturer , China Portable Car Vacuum Cleaner, and more. For more , please visit Automatic Car Battery Chargers today!
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