Mortgage rates are down for all products that were studied in the survey that help to keep homebuyer affordability high.
The 30-year fixed rate mortgage was below 4 percent for the sixth consecutive week, the 15-year fixed rated mortgage averaged 3.16 percent, down from the previous week's number of 3.23 percent and the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.82 percent, which was down from 2.80 percent in the previous week.
"Mortgage rates eased slightly this week to all-time record lows following mixed indicators in the labor market," said Frank Nothaft, vice president and chief economist for Freddie Mac. "Although the economy added 1.6 million jobs in 2011, which was the most since 2006, the unemployment rate remained historically elevated. The 2009 to 2011 period had the highest three-year average unemployment rate since 1939 to 1941."
With mortgage rates still attempting to recover from the recession, Americans are packing up and taking advantage of the market while they can to secure their dream homes.
According to recent statistics from RealtyTrac, foreclosures were down in the month of December but are expected to increase in 2012.
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