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Berk's Blog

Mortgage Rates Fall to Record Low of 4.96%, Housing Affordability Surges to Record High

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Can you feel it coming? There is a foundation being built. Lower heating costs, lower gasoline prices and soon lower payroll taxes. And now look – highest affordabilty for houses on record. Check out the whole post from Mark Perry’s Blog

Mortgage rates fell today to an historic record-low of 4.96% (see chart above), “the lowest marksince Freddie Mac started tracking the data in 1971.” That should help push the Housing Affordability Index (HAI) to a new estimated record high level of 163.1 in January (see chart below). The National Association of Realtors (NAR) has HAI datathrough October 2008, and I have estimated the HAI for November, December and January using the NAR methodology.