15-Year fixed mortgage rates hit all time low

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PHOENIX -- There is encouraging news from the housing market, apparently rates keep on dropping.

A 15-year fixed rate mortgage hit a record low this week at 2.61 percent. That's down from 2.64 percent from a week ago.

There's also good news for a 30-year fixed rate mortgages if you want to stretch your loan out a little longer. According to Freddie Mac, those rates  fell to 3.4 percent and is headed towards its all-time low from 3.31 percent last November.

A year ago at this time, a 30-year fixed rate was 3.88 percent.

As for the price of homes in the US, they jumped 7 percent, the biggest gain since 2006. Buyers competing for a tight supply of available homes are thought to be pushing up prices, while low mortgage rates are fueling the demand.

Next week, 3 On Your Side is dedicating its resources a week long special on real estate in the Valley.

Of course we’ll have all kinds of information about new home construction, appraisals, financing, and a whole lot more all next week on Good Evening Arizona.

We hope you join us for some valuable information. That starts next week on Monday on Good Evening Arizona at 5:30.