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Mortgage Rates Hit All-Time Low |
Fixed mortgage rates hit new all-time lows this week, according to Freddie Mac. The 30-year fixed mortgage rate averaged 3.84% for the week ending May 3, 2012 -- the lowest rate ever recorded. Last year at this time, the 30-year fixed mortgage rate averaged 4.71%.
The rate's previous all-time record was 3.87%, registered on February 9, 2012.
The 15-year fixed mortgage rate, a popular refinancing choice, also hit an all-time low at 3.07%. A year ago, the average rate for a 15-year fixed mortgage rate was 3.89%.
Freddie Mac Chief Economist Frank Nothaft reported "signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time records lows this week." |
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6 Trends Will Shape Housing Markets |
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Through at least 2030, the housing market will depend on the desires and fortunes of two generations: Baby Boomers and their offspring, Echo Boomers, according to a recently released report prepared for the Bipartisan Policy Center. The report highlighted six key demographic trends that will drive the housing market for at least the next two decades.
1. Growth in the senior (65 and older) population will create new demands for affordable, accessible housing.
2. Seniors will contribute increasingly to the housing supply, as they release many more housing units than they absorb. Whether the homes released fit the needs of younger generations is an open question.
3. Echo Boomers, those born between 1981 and 1995, represent a long-term opportunity for housing market recovery, but are struggling in the economic crisis. Many Echo Boomers are currently living with relatives. This generation's smaller size, as compared to the Baby Boomers, has contributed to a sharp decrease in multifamily housing construction resulting in a present shortage of rental units. |
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Ten percent of Americans, 23 million people, are planning to move to a new home, condo or apartment in 2012, according to an American Express survey. Of those, just over 10 million plan to make a housing purchase. Of current homeowners who do not plan to move, 70% have some form of home improvement project planned for 2012, at an average cost of $3,500. |
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