Over the past few months the 30-year fixed mortgage rate hit record lows. T he 30-year rate averaged 3.95 percent (0.8 point) for the week ending Febru ary 23, up from the previous week at 3.87, that's an all-time record low ac cording to Freddie Mac. Don't get too excited however because if even if by the tiniest percentage, t he rate moved up for the first time in weeks back to 3.95. Last year at this time, the rate was on average, 4.95 percent. That 1% difference will save you thousands over the life of your loan. Some people think this percentage increase may be evidence that the housing market is on a slow and steady road to recovery. It certainly will be a bene ficial thing for potential homebuyers if rates stay low into the foreseeable future, so more people have time to unearth themselves from the financial c atastrophes of the past few years and possibly get an opportunity to take ad vantage of historically low interest rates before they rise. VP and chief economist for Freddie Mac says that this data shows the housin g market will gradually improve after years of decline. "Loans that were se riously delinquent (90 days or more past due plus the foreclosure inventory ) fell to 5.3 percent of prime mortgages at the end of 2011, representing t he lowest quarterly share since the start of 2009, according to the Mortgag e Bankers Association." Also the National Realtors Association stated that existing-home sales were showing a healthy pace in growth this January. This has been the best sinc e May 2010. The 15-year fixed rate mortgage averaged 3.19 percent (0.8 point), up from 3 .16 percent. During the same time last year, the 15-year rate was at 4.22 pe rcent. The 5-year adjustable rate mortgage (ARM) decreased slightly from 2.80 per cent (0.7 point) this week compared to 2.82 percent last week. During the same time last year, the 5-year ARM was at 3.80 percent. The 1-year ARM also continued to drop at 2.73 percent (0.6 point), down fro m 2.84 percent last week. During this time last year, the average was 3.40 percent. These numbers may not mean much to the laymen, but to us who specialize in real estate investing and writing about financial matters; we look to help you take advantage of low interest rates. These are exciting figures! It's great to put hopeful homeowners into a new home they can afford and to be a ble to offer hard money loans to investors at incredibly good rates.