Mortgage records show rates continue to defy the odds. Though many analysts predicted them to rise during the second half of 2012 and into 2013, they remain at historic lows, meaning affordability remains high for buyers and borrowers nationwide.
According to Freddie Mac's Primary Mortgage Market Survey for the week ending September 13, the average for a 30-year fixed-rate mortgage was 3.55 percent - the same level from a week earlier. Meanwhile, 15-year FRMs averaged 2.85 percent during the week, which marked a modest drop from the week before.
Freddie Mac vice president and chief economist Frank Nothaft indicated that poor job data wasn't enough to lead to a hike in rates in early September.
"Despite a lackluster August employment report, Treasury bond yields and mortgage rates were little changed this week with the financial markets speculating on further monetary stimulus from the Federal Reserve," said Nothaft.
Though rates have stayed below 4 percent throughout nearly the entire year, they haven't been enough to spark origination requests, or at least as much as some economists anticipated.
Some experts fear changes in regulations, as imposed by the Consumer Financial Protection Bureau, may hinder lending figures. However, the agency's head, Richard Cordray, recently told Congress he is working to make homebuying more accessible for consumers.