Long-term home mortgage rates dropped once again, with the 30 year fixed-rate mortgage rate hitting the lowest levels seen since Freddie Mac began conducting the survey in 1971. Again, the Federal Reserve’s purchase of mortgage backed securities is key driver of the historically low rates. Since January the Fed has purchased over $10.213 billion worth of these securities. The belief is the aforementioned purchases will stabilize the weak and lethargic housing market.
How fast have mortgage rates come down? In October rates on a 30-year fixed mortgage were 1.5% higher. Case in point, on Saturday a conforming, 30-year fixed mortgage offered by Bank of America was submitted into the Loanzen system with a 4.375% interest rate (with 2 discount points). That’s not a joke. Really. We swear.
Now is is it time to go grab that refinance? You bet.
Latest Twitter Updates- Loanzen: Safe to assume yesterday can be called "Black Wednesday" http://bit.ly/2NSQ33
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