Us mortgage rates fall again

Mortgage rates have repeatedly hit all-time lows this year, making US real estate more affordable than ever before. Now? They have fallen yet again, reports CNN, setting new records for both 30-year and 15-year fixed loans.

The 30-year rate hit 3.31 per cent, down from 3.34 per cent, according to Freddie Mac, the government-operated mortgage backer. The 15-year rate fell a similar distance, dropping to 2.63 per cent from 2.65 per cent.

The interest rates arrive as house prices start to rise from a bottom of 30 per cent below the market's peak. The new rates make it easier for buyers planning to snap up a new home, reducing the monthly costs of ownership that deter so many. Indeed, as CNN notes, with employment numbers starting to improve, affording a home in the USA has rare been easier.

For those looking to make buying property even more affordable, Keith Gumbinger, Vice President of mortgage advice firm HSH Corp, suggested to the news outlet: "If you're looking for Black Friday deals and door-busters, it's pretty hard to beat the savings. To really rack up savings, you might also consider a purchase or refinance using a loan with a term shorter than the traditional 30 years."