Mortgage Rates Fall, Payments Improve.
According to USA Today (8/12, 1.83M), "Mortgage rates fell to, or near, record lows in the latest week, and mortgage delinquencies improved in the second quarter," with a Thursday report from Freddie Mc noting "the average rate for 30-year fixed mortgages fell to 4.32% this week from 4.39%." In November 2011, the 30-year loan dropped to 4.17%, a record low. Meanwhile, the 15-year fixed mortgage's rate "fell to a record low 3.50%, from last week's record 3.54%." A TransUnion study released Thursday reports the nation's percentage of delinquent borrowers has dropped for the sixth straight quarter; "The delinquency rate fell to 5.82% from 6.67% a year ago. It peaked at 6.9% in the fourth quarter 2009." Four states severely impacted by the collapse of the housing market – Florida, California, Nevada, and Arizona – lead the nation's delinquency rates.
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