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MYB: Mortgage rates at record lows
In today’s Minding Your Business segment, Christine Romans has very good news: the housing market may finally be healing.
Interest rates on 30-year fixed-rate mortgages are down to 3.78 percent, almost a full point below where it was just a year ago. Romans explains that this is a significant difference, with the potential to save tens of thousands of dollars in lower interest payments over the lifetime of a loan.
The spring selling season is also finally showing a pulse, with home sales up 10 percent.
Romans' "one thing you need to know" about your money today? Morgan Stanley is reviewing every single trade that was made on Facebook's IPO. So if you paid too much because of the NASDAQ’s technical problems, you may be getting some money back.
One Thing You Need to Know Today: Home affordability is better than you think it is
The one thing you need to know about your money today: Home affordability is better than it has been in 40 years.
Housing starts in April rose and home builder confidence is at a five-year high. These are green shoots in the burned-out landscape of the housing market.
After slicing 25% off the value of the average home, the relentless decline in home prices appears to be slowing. Mortgage rates are at record lows again. The average 30-year home loans are at 3.83%. Of course, a true recovery depends on whether more people can qualify for loans and get jobs. Without those two factors, the "bottom" in housing will be prolonged and rough. But for people on offense, it looks good.
Find out how much house you can afford. Here is a CNNMoney calculator to help you decide.
Watch Christine's "One Thing You Need To Know" segments weekdays on "Early Start" starting at 5am Eastern.
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