15 yr mortgage rate hits record low

The 15-year fixed mortgage rate averaged 3.13% last week,  its lowest level in 60 years.   The rate is popular with homeowners who are looking to refinance.  Low mortgage rates typically translate to a more affordable housing market since the lower the rate, the lower the mortgage payments, the more cheaper the house becomes.  Also most homeowners take out mortgages rather than pay cash, so the lower rates have a greater effect on the market.

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