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Fixed rate mortgages hit another all-time low

30-yr fixed rate mortgages have never been cheaper. The latest data show that the nationwide average for conforming, 30-yr fixed rate mortgages is 3.99%, and the rate for jumbo mortgages is 4.28%, both at new all-time lows. Plus, the spread between conforming and jumbo rates is now down to just 30 bps, which in turn is the average spread during times of relative market calm. It doesn't get much better than this for homebuyers.

Anecdotally, I was talking with a prominent realtor friend the other day and remarking about how incredibly affordable housing has become. She agreed, but noted that the problem as she sees it is that most people are just plain terrified of buying a house these days. That's one very good reason why houses are so cheap.

This chart comes from Mark Perry, and is the best one I've seen when it comes to housing affordability.

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