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 [...]
30 Year Mortgage Rates Fall Below 5%
For the first time ever, Freddie Mac’s weekly rate survey show 30-year mortgage rates averaging less than 5%. 30-year rates fell for the eleventh straight week to 4.96%, down from from 5.01% a week ago. A year ago the rate was 5.69%. 15-year fixed rate mortgages, a popular choice for refinancing, rose to 4.65%, up [...]
Mortgage Rate Falls Again
Home mortgage rates dropped again this week. 30-year mortgages averaged 5.01% , falling to their lowest rate since Freddie Mac’s began the survey in 1971 and the tenth straight weekly drop. The Federal Reserve has been buying up mortgage backed securities in order to drive mortgage rates down. Rates on 15-year fixed mortgages averaged 4.62% [...]
30 Year Rates Drop Below 6 %
According to Freddie Mac’s Primary Mortgage Market Survey, interest rates on 30 year fixed-rate mortgages drifted back under 6% last week. The average contract rate was 5.97% compared to 6.04% the week before. The 15 year fixed-rate mortgage averaged 5.74%, up 0.01 from the week before. The 5 year adjustable-rate mortgages dropped one basis point [...]
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