Freddie Mac: Low mortgage rates rejuvenating home building industry

Last week’s low mortgage rates held steady this week, helping to bolster home construction activity, according to the latest data from government-backed mortgage finance giant Freddie Mac. The popular 30-year fixed-rate mortgage had an average 5.07 percent interest rate for the week that ended today, unchanged from the week before but up from 4.80 percent last year at this time. The 15-year fixed-rate mortgage averaged 4.39 percent, down slightly from 4.40 percent last week and from 4.48 percent one year ago. “These low mortgage rates are revitalizing the home construction industry,” said Frank Nothaft, vice president and chief economist for Freddie Mac, citing the National Association of Home Builder’s April data, which showed builder confidence at its highest level since September 2009. TRD