Freddie Mac reported today the average rate for a 30-year loan dropped to 4.63 percent from 4.71 giving Americans even more incentive to buy homes or refinance their current loans. This new drop now brings fixed mortgage rates to their lowest level of the year.
As a result of this drop low mortgage rates could help boost the struggling housing market.
On a different note, according to foreclosure listing firm RealtyTrac Inc., last month there were fewer homeowners who had their homes repossessed by banks compared to a year ago. It's thought that this decrease is a result of the fact that's its taking lenders longer to take back homes that are already in the foreclosure process because of paperwork delays.
Sadly, this foreclosure holdup could possibly push back an end to the foreclosure crisis and may drag out any meaningful recovery in housing market. Only time will tell.