Freddie Mac announced that mortgage rates have eased this week due to turmoil in the Middle East.  The Mortgage Bankers Association stated that mortgage applications have increased 13.2 percent since the previous week with buyers taking advantage of the lower rates.

The rates for a 30 year mortgages averaged 4.95 percent with an average 0.6 point for the week ending February 24, 2011.  The survey said this was down from 5.0 percent last week and 5.05 percent a year ago.

"Low mortgage rates and home prices are sustaining affordability in the housing market. Existing home sales rose for the third consecutive month in January and were at the strongest pace in eight months," the National Association of Realtors® reported.

photo credit: chickadee23

Posted in Real Estate Market Conditions, Headlines

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