By Jason Allen

NORTH TEXAS (CBSDFW.COM) – It has never been cheaper to find the money to turn a dream home into a reality.

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Average rates for home loans fell Thursday to rates unseen in 60 years. 30-year loans dropped to 3.49% from 3.53% last week. 15-year mortgages dropped to 2.80%, down from last week’s record 2.83%.

Dallas mortgage broker Michael Regan said it is spurring business and even causing a backlog among big lenders.

“If you can prove your income, you should not have an issue getting a loan,” he said.

He had a stack of files on his desk Thursday from home owners who refinanced just 18 months ago who were returning to do it again. The perception has been that after lenders tightened requirements, that low rates are unavailable to the average buyer. Regan however, said he’s seeing those restrictions relax.

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“Is it back to where it was in 2007?” he asked.  “Absolutely not. It won’t be”

Home builder Sean Knight, of Sean Knight Custom Homes said the lower rates have helped buyers afford more house.

“Instead of their dollar buying $3 worth of house, now it’s about $5.75 worth of house,” he said.

Both men said the local housing market appears to be picking up along with the low rates, with multiple offers on homes and a lower inventory of homes for sale.

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