After three weeks on a downward path, mortgage rates dropped back down to their previous record low this week.
This morning, Freddie Mac reported 3.49 percent with an average 0.6 point as the average on a 30-year fixed-rate mortgage.
From Freddie Mac vice president and chief economist Frank Nothaft:
Following the Federal Reserve’s announcement of a new bond purchase plan, yields on mortgage-backed securities fell bringing average fixed mortgage rates to their all-time record lows which should aid in the ongoing housing recovery. New construction on one-family homes rebounded in August, rising by 5.5 percent to the fastest pace since April 2010. In addition, existing home sales increased by 7.8 percent in August to its strongest pace since May 2010.
The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.
This article originally published at http://dc.urbanturf.com/articles/blog/3.49_rates_back_down_to_record_lows/6053
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