Home sales up, mortgage rates dip

The number of Americans who signed contracts to buy U.S. homes rose in March, the latest sign the battered housing market is slowly improving. And a separate report Thursday said the average rate on 30-year fixed mortgages has dipped to near its record low, keeping home-buying and refinancing affordable. Mortgage buyer Freddie Mac says the rate on 30-year loans averaged 3.88% this week, down from 3.9% last week. In February, the rate hit 3.87%, lowest since long-term mortgages began in the 1950s. The 30-year loan is the most common financing option for home buyers. The average on 15-year fixed-rate mortgages, popular with homeowners who are refinancing, dipped to 3.12%, from 3.13% last week. The national average hit an all-time low of 3.11% two weeks ago.

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