Mortgage Rates Continue Descent, Hitting New Record Lows
Mortgage interest rates dropped again this week, setting new record-lows across the board. Analysts say we have bond investors to thank for the continuing declines.
Investors are expecting the Federal Reserve to begin pumping more money into the economy to reinvigorate the now lukewarm recovery.
In anticipation of more ‘quantitative easing’ by the U.S. central bank, there’s been a rush to buy up mass amounts of both government- and mortgage-backed debt, which in turn has served to drive mortgage rates lower – now at their lowest point in more than a half-century.
Freddie Mac reported Thursday that the 30-year fixed-rate mortgage dropped yet again to break the previous all-time low in the GSE’s survey. The 15-year fixed-rate did the same, and the 5-year adjustable-rate mortgage also set an all-time survey low.
Freddie’s report puts the 30-year fixed-rate mortgage (FRM) at an average of 4.27 percent (0.8 point) for theweek ending October 7, down from last week when it averaged 4.32 percent.
The 15-year FRM averaged 3.72 percent (0.7 point), dropping from 3.75 percent last week. The 5-year adjustable-rate mortgage (ARM) came in at 3.47 percent this week (0.6 point). It was 3.52 percent last week…
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