Home Buyers Wake Up to Low Mortgage Rates

Are home buyers starting to make their move? The latest data certainly suggests something along those lines: Mortgage applications rose 5.3 percent last week, according to the Mortgage Bankers Association. While much of that increase likely was due to an increase in FHA government-backed loans before insurance rates rise, a fall in mortgage interest rates also played a role. The current average 30-year fixed rate dropped from 4.98 percent to 4.83 percent for those able to provide a 20 percent down payment.