The Norman Transcript

January 6, 2013

How low can they go?

The Norman Transcript

NORMAN — Cheap mortgage rates, a rebounding economy and a lack of houses on the market is pushing home sales to their highest level in three years.

November’s sales of previously-owned homes rose to their highest level in three years and new-home sales reached a 30- month high, according to federal housing records.

The Associated Press reports the average rate on a 30-year home loan dipped slightly to 3.34 percent, near the 3.31 percent record low reached in 1971. A 15-year rate is even cheaper, coming in at 2.64 percent.

Industry analysts say the low rates are helping the housing industry recover from a devastating recession that saw home values plummet in many areas of the country.

Historically low interest rates and higher prices paid for homes raises equities and puts owners in better shopping moods, pushing the economy upward.

It’s also good for refinancing, too, which pumps more money into the economy.

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