Home sales show Gradual improvement in reports from the Mortgage Bankers Association that foreclosures inventory dropped 5.3 percent year end 2011, and the National Association of Realtors report that January existing-homes sales were the strongest since May 2012. Fixed mortgage rates have no place else to go but up. Columbia SC home sales also show steady improvement. Fixed mortgage rates are still at a all time low making it a great time to buy a home in Columbia SC

Columbia SC Real Estate Market Snap shop

Here’s a closer look at how rates fared for the week ending Feb. 23:

• 30-year fixed-rate mortgages: averaged 3.95 percent, with an average 0.8 point, up slightly from last week’s all-time low of 3.87 percent. A year ago, 30-year rates averaged 4.95 percent.
• 15-year fixed-rate mortgages: averaged 3.19 percent, with an average 0.8 point, inching up from last week’s 3.16 percent average. Last year, 15-year rates averaged 4.22 percent at this time.
• 5-year adjustable-rate mortgages: averaged 2.80 percent this week, with an average 0.7 point, dropping from last week’s 2.82 percent average. Last year, 5-year ARMs averaged 3.80 percent at this time.
• 1-year ARMs: averaged 2.73 percent, with an average 0.6 point, also dropping from last week’s 2.84 percent average. A year ago at this time, 1-year ARMs averaged 3.40 percent.

Source: Freddie Mac