According to Freddie Mac, the U.S. fixed mortgage rates continue to hit all-time record lows. In the week ending 26 July, the 30-year fixed-rate mortgage (FRM) was 3.49 percent. This is a drop from the previous week's 3.53 percent and more than a full percentage point lower than last year. The 15-year FRM, was also low at 2.80 percent, down from 2.83 percent the previous week. In 2011, the 15-year FRM averaged 3.66 percent.
The low rates have incentivized house refinancing and buying since last fall. The U.S. housing crash has reached the bottom considering the modest improvements in house refinancing. However, many economists believe that the market still needs years to recover entirely as the underside could deepen.