Mortgage Rates Just Dropped How Long Will It Last

Mortgage Rates Just Dropped How Long Will It Last

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Mortgage rates for 30-year U.S. loans tumbled to a two-month low after the Federal Reserve said it wouldn't reduce its pace of monthly bond buying.The average rate for a 30-year fixed mortgage dropped to 4.32 percent from 4.5 percent, Freddie Mac said in a statement today. The average 15-year rate decreased to 3.37 percent from 3.54 percent, according to the McLean, Virginia-based company.Fed Chairman Ben S. Bernanke, who is nearing the end of his second term, said last week that more evidence is needed before the central bank begins to taper its stimulus program aimed at lowering borrowing costs. The move is giving home-buyers a limited reprieve from a surge in mortgage rates that had started to cool housing demand.“This is kind of a temporary pause,” said Ellen Haberle, an economist at Redfin Corp., an online real estate search service and brokerage based in Seattle. “With all of the uncertainties as to when the Fed will taper and who the next Fed chairman will be, mortgage rates will show some volatility the next few months.”Borrowers may be rushing to take advantage of the decline. Mortgage applications for home purchases jumped the most in six months in the week ended Sept. 20, the Mortgage Bankers said yesterday.

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Phone: 623-703-7445
Dated: September 29th 2013
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