Mortgage rates continue to fall,
following the Federal Reserve’s decision to delay tapering its bond
purchase program. The Federal Reserve announced last week that it would
delay winding down its $85 billion per month bond purchasing program,
which has helped to keep mortgage rates near record lows in recent
years.
“These low rates should somewhat offset the house price gains seen
the last number of months and keep housing affordability elevated,” says
Frank Nothaft, Freddie Mac’s chief economist.
The average rate on the 30-year fixed-rate mortgage, the most popular
option among home buyers, fell to its lowest level this week since the
week ending July 25, Freddie Mac reports in its weekly mortgage market
survey.
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30-year fixed-rate mortgages: averaged 4.32 percent,
with an average 0.7 point, dropping from last week’s 4.50 percent
average. Last year at this time, 30-year rates averaged 3.40 percent.
Source: Freddie Mac