Mortgage Rates
By: Shayla Patrick
Updated: June 25, 2012
JOPLIN, MO.--- Mortgage Buyer Freddie Mac announced this week that the average rate on a 30 year loan has dropped to 3.66 percent. That's down .5 percent from last week and the lowest since long term mortgages began over 60 years ago. This is the 7th time in 8 weeks that number has fallen. This trend presents an obvious advantage for buyers but local lenders say it can also be a good thing for people trying to sell their home. "Trying to sell homes, it should help also because the lower the rate that people are being charged to purchase their home means they can actually purchase a bigger home, a more expensive home," says Stuart Puckett, Loan Manager for Arvest Bank. The Department of Housing and Urban Development charts a 10% rise in new home sales in the U.S. over the past 2 months.
