Freddie Mac reported late last week that the interest rate on the 30-year fixed mortgage dropped from 4.08 percent to 3.99 percent. The 30-year interest rate hit 3.87 percent last year which is the lowest it's been since long term mortgages began in the 1950's.
An improved job market may also be helping with home sales. Nationwide there have been nearly 250,000 new jobs added each month since December which dropped the nations unemployment rate to 8.3, the lowest it's been since 2009. Furthermore, the first two months of 2012 have really been hot by posting the highest level for home re-sales in 5 years.
The housing market has been showing signs of improvement with interest rates remaining low, helping not only buyers to enter the market, but at the same time allowing for current homeowners to refi their mortgages to a lower rate enabling them stay in their home without having to go into foreclosure.
Today, most economists feel that it will take several years for the housing market to fully recover from this crisis, but seeing steps headed in the right direction gives one hope for its future.