Mortgages Rates Falling

Good news for home buyers and sellers... nationally, mortgage rates have hit a record low. The average 30 year fixed rate mortgage is now 4.87 percent.
 
These are some of the lowest rates on record in the Tri-State. In Cincinnati, the average rate is 5 percent with no points. Rates were lower than that for just a few days last May when they hit 4.875 percent. A 15 year fixed interest rate is even lower, down to 4.375 percent this week with no points.
 
Compared with rates a year ago, consumers can save about $130 off their monthly mortgage payments for a 30-year-fixed rate loan on $200,000. Those rates are convincing more people its time to buy. Loan applications for new homes and refinancing are up 18 percent this week.

Some other good economic news: The Obama administration says its mortgage relief plan has helped half a million homeowners lower their monthly mortgage payments, and, the number of workers filing new claims for jobless insurance fell to a nine-month low last week. That suggests companies are laying off fewer workers.