According to Bloomberg News, housing starts in the U.S. hovered in February near a three-year high and building permits rose, adding to signs that the industry at the heart of the last financial crisis is stabilizing. The number of building permits climbed to the highest level since Oct. 2008 with an annual pace of 717,000. This increase will help strengthen the housing market.
Demand for previously owned homes advanced in February to the highest level since May 2010. Also, new home sales increased to its highest level since December 2010, according to Bloomberg News.
The mortgage rates for a 30 year fixed also reached an all-time low of 3.87 % in February, according to data from Freddie Mac. According to Bankrate.com, we are currently at an interest rate of 4.05 % for a 30 year fixed loan.
The housing market continues to recover with an increase in building permits, increase in sales of new and previously owned homes, and record low interest rates.
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