Mortgage Rates Hit Record Lows, Again
Posted October 3rd, 2012 | by The Update
CNN Money: Mortgage rates again fell record low levels this week, as the Federal Reserve’s decision to buy billions in home loans for the foreseeable future continued to lower costs for would-be home buyers.
Mortgage finance backer Freddie Mac’s weekly survey showed the average 30-year fixed-rate mortgage fell to 3.40% from 3.49% the previous week, which had matched the previous record low set in July.
The fixed-rate 15-year mortgage also hit a record low of 2.73%, down from the previous record of 2.77% a week earlier…
“This is what the Fed wanted to see. So far, so good,” said Keith Gumbinger, vice president of HSH.com, a provider of mortgage information and analysis. He estimates that rates could continue to fall another 0.1 percentage point or so in the coming weeks as the full effect of the Fed action is felt by the market.
The low rates can help the economy even beyond the effect it has on the housing market, by putting more money in the pockets of homeowners who refinance.
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