30-year Mortgage Rates Take Another Dip
Nov 19
Freddie Mac announced today that rates on 30-year mortgages have fallen to 4.83 percent – much lower than the 6.04 percent rates seen one year ago. Freddie Mac’s chief economist Frank Nothaft reports that attractive 3Q rates have led to approximately $1.1 trillion in refinancing activity, saving borrowers about $10 billion in monthly payments over the first 12 months of their new loans.
Will these eye-catching rates last long? Probably not. Attempting to lower mortgage rates and loosen credit, the Federal Reserve has pumped $1.25 trillion into mortgage-backed securities. It is likely that this wide scale effort will end early next year, resulting in another round of raised rates.
For questions regarding mortgages and home financing, contact Ascent Financial Services. Also visit msnbc.com to read more details about Freddie Mac’s report.
