US mortgage rates fall to new lows

By Romesh Navaratnarajah:The average rate for both 30-year and 15-year fixed mortgages in the US dropped to new record lows, according to figures released by Freddie Mac.

The mortgage buyer said last week that the average rate for 30-year fixed loans fell to 3.83 percent while 15-year mortgages, a popular option for refinancing, slipped to 3.05 percent from 3.07 percent.

However, reports indicate that low mortgage rates have not done much to boost the US housing market, with sales of new and secondary homes dropping in March.

In contrast, there have been positive signs in the last few months, with January and February recording the best winter sales for previously occupied homes in the last five years.

Meanwhile, many developers are planning to build more homes this year, suggesting that the housing market is slowly recovering.

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