Freddie Mac reported last week that the 30-year fixed mortgage rate of 3.66 percent was steadfast retaining its lowest level since long term mortgages started in the 1950's.
It's well known that these low mortgages have helped to push a slow housing market recovery and it may also give the overall economy a shot in the arm despite a weak job market.
Furthermore, the average rate on the 15-year fixed mortgage dropped to 2.94 percent down from 2.95 percent the previous week matching the record-low of 2.94 percent that was reached nearly three weeks ago.
Overall, the housing market is taking strides in the right direction with home prices on the rise, more permits are being submitted for new home construction and foreclosure inventory is on the decline making way for more standard sales.