The housing market continues to show signs of recovery as average rates on fixed mortgages fell to new lows last week. Freddie Mac released that the average rate on 30-year loans fell to the lowest rate since 1971 at 3.34 percent. The rate was down from 3.40 percent the following week. The average fixed mortgage rate on 15-year loans was down from 2.69 percent the previous week to 2.65 percent last week.
Home prices, home sales, home construction and refinancing have all slowly increased this year. The Federal Reserve announced that tight lending standards have slowed down the economy’s recovery process. Chairman, Ben Bernanke said the banks were forced to raise their standards in 2008 after the housing market crashed. He went on to say that if banks would loosen lending standards now that things are improving, the economic recovery would speed up by boosting home sales.
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