Mortgage Interest Rates Lowest Since June 2013
Washington, DC, Oct. 24, 2014 -- The average 30-year fixed-rate mortgage rate fell to 3.92% this week, according to Freddie Mac‘s latest Primary Mortgage Market Survey.
That’s the lowest rate since the first week of June 2013. It's down from 3.97% the previous week.
The low rates don't seem to be spurring first-time home buyers, however. They account for just 29% of all buyers, according to the National Association of Realtors. They've represented less than 30% of all buyers for 17 out of the last 18 months.
NAR says that among the under-35 crowd, who largely make up the first-time homebuyer market, homeownership is down to 36% from a high of 43% in 2005.