Homebuyer affordability remained at the highest level it's ever been during the middle of February, as Freddie Mac reports both short- and long-term mortgage rates stayed at their all-time lows.
The average rate for a 30-year fixed-rate home loan during the week ending February 16 was 3.87 percent, according to mortgage records from Freddie.
Meanwhile 15-year FRMs averaged 3.16 percent during the week. The short-term rate was the same as the week before, while the 30-year FRM rate has been the same for the past three weeks.
Additionally, the GSE's Primary Mortgage Market Survey found the average rates for adjustable-rate mortgages went in different directions. The report shows 5-year ARM rates averaged 2.82 percent - a modest weekly drop - while the average 1-year ARM rate rose from 2.78 to 2.84 percent week-to-week.
It remains unseen as to whether these historic low rates will spur the market and increase sales. One report of dwindling consumer confidence may signal a slow start to 2012 for sales.
The latest Reuters/University of Michigan consumer sentiment index reveals a decline in confidence in the overall economy during February, which could translate to stagnant housing market conditions.