Long Term Mortgage Rates Reach All Time Low
Freddie Mac’s Primary Mortgage Market Survey shows 30-year mortgage rates at their lowest level ever. 30-year fixed mortgages averaged 5.14 percent, the lowest rate recorded since Freddie Mac began the survey.
15-year fixed mortgages averaged 4.91 percent, down a basis point from last week. 5-year adjustable rate mortgages averaged 5.49 percent.
Treasury May Buy Mortgage Debt
A plan being lobbied to the U.S. Treasury involves them buying mortgage debt in hopes of driving mortgage interest rates down to 4.5% . The plan has yet to be announced officially.
The Treasury would buy mortgage backed securities from Fannie Mae and Freddie Mac.
Bernanke Expects Housing Recovery
In a closed door session with Senate lawmakers, federal Reserve Chairman Ben Bernanke testified that he expects the U.S. housing market to begin recovery this year.
Sen. Pete Domenici (R) said, “He let us believe that the housing situation should begin to ameliorate by the end of the year”.
Bernanke signalled that further interest rates might be [...]
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