Mortgage Rates Match All-Time Low


mortgageWith help from the Federal Reserve, mortgage rates plunged to tie the lowest on record at the end of this past week, with the 30-year fixed loan down to 3.49 percent.

The Federal two weeks ago announced it would purchase $40 billion a month in mortgage-backed securities in an effort to spur job creation and lower borrowing costs. The 30-year stood at 3.55 percent a week ago, Freddie Mac said in a statement.

The real estate market appears to be recovering after more than three years of declines. Sales of existing homes rose to a two-year high in August, the National Association of Realtors said on Wednesday. Single-family housing starts advanced at the best pace since April 2010, the Commerce Department said.

The average 15-year mortgage declined to 2.77 percent from 2.85 percent, a record low, Freddie Mac reported.

Source: Realty Check – ABC NEWS

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