U.S. mortgage rates declined again, falling to a nine-month low mark, according to Freddie Mac.
The 30-year fixed mortgage averaged 4.45 percent for the week ending Jan. 10, down from 4.51 percent the previous week. A year ago, mortgage rates stood at 3.99 percent.
Low mortgage rates have been helping propel U.S. home sales and the refinance market.
“Mortgage rates fell to the lowest level in nine months, and in response, mortgage applications jumped more than 20 percent,” said Sam Khater, Freddie Mac’s chief economist. “Lower mortgage rates combined with continued income growth and lower energy prices are all positive indicators for consumers that should lead to a firming of home sales.”
Favorable rates also had been helping Dayton-area home sales. After breaking records last year, Miami Valley home sales remain strong in 2018.
There were 1,260 sales of single-family homes and condominiums in November, a 3 percent increase from November 2017, according to a report from Dayton Realtors. The median home price last month was $138,500, another increase of 3 percent, with the average price up 8 percent from last year at nearly $166,000.
The historic low for 30-year rates was 3.31 percent in November 2012.