Federal Reserve Move Lowers Mortgage Rates Below 5%

The Federal Reserve will increase its purchases of mortgage-backed securities this year by $750 billion.  This is on top of the $500 billion promised between January and June.  Market watchers expect the move to drive down mortgage rates in coming weeks.

Mortgage rates are already at near-record lows. Nationally, the average 30-year fixed mortgage was 4.94 percent for the week.   The average rate on a 15-year fixed mortgage dropped to 4.61 percent for the week, down from 4.64 percent last week.

Related posts:

1. 30 Year Rates Drop Below 6 %
2. Freddie Mac Chief Says Mortgage Rates Near Bottom
3. Mortgage Rates Rise as Foreclosures Increase
4. Mortgage Rates Drop as Unemployment Rises
5. Federal Reserve Targets Big Banks

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