Historic Lows for Mortgages

Theolympian tells MHProNews Freddie Mac says the average on a 30-year fixed rate mortgage (FRM) fell to 3.49 percent from 3.55 percent last week, matching its lowest rate since long-term mortgages began in the 1950’s. The 15-year FRM dropped to its lowest rate ever, 2.77 percent, from 2.85 percent last week, and below its previous record low of 2.80 percent. The Federal Reserve’s announcement last week that it will buy bonds likely pushed the mortgage rate lower, as the Fed attempts to further stimulate the housing market and the economy as a whole.

(Image credit: bankrate)

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