Rate on 30-Year Mortgage Drops to Record Low

Ad Feedback

Housing sales have been picking up, and the lowest mortgage rates in decades are a key reason why.

The average rate on a 30-year mortgage stands at 3.51 percent. That's close to the record of 3.31 percent set last November.

"It's the rising prices that is the game changer," Patrick Newport, an economist at IHS Global Insight in Lexington, Mass., told Bloomberg News.

"Housing is going to be the key driver that will get economy on a higher growth path," he said.

The ultra-low rates have also encouraged many people to refinance. That often leads to lower monthly payments and more spending money.

Log in or create an account to post a comment.  


Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

CBN News


CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.