By Tanya Fogg Young, The State, Columbia, S.C. Knight Ridder/Tribune Business News
May 24--This week's drop in mortgage rates to record lows should further boost the Midlands' healthy housing market, experts said Friday.
The rates mean many homeowners can save on their monthly payments by refinancing, while home buyers may be able to get more for their money.
Real estate professionals and mortgage officers said they have noticed an uptick recently in the local housing market, a strong point of Columbia's economy for many months.
The average interest rate on a fixed-rate 30-year mortgage has fallen to 5.34 percent, according to mortgage company Freddie Mac.