Mortgage rates fell for the third consecutive week. According to Freddie Mac, the average rate for a 30-year fixed rate mortgage fell by two basis points to 3.41 percent as compared to last week's 3.43 percent and 3.90 percent year-over-year. The average rate for a 15-year fixed rate mortgage was 2.64 percent as compared to last week's 2.65 percent and 3.13 percent year-over-year. Falling mortgage rates were attributed to reduced consumer spending. Last week's economic news includes the NAHB … Continue reading...
What’s Ahead For Mortgage Rates This Week – April 15, 2013
Mortgage rates saw little change last week amidst mixed economic news. Treasury auctions held on Tuesday, Wednesday and Thursday saw weak demand; this could have been caused by the FOMC minutes that were released on Wednesday. The minutes indicated that some FOMC members supported ending the current quantitative easing (QE) program within a few months. The Fed is currently purchasing $85 billion monthly in bonds and Mortgage Backed Securities. If the QE program is ended, demands for bonds and … Continue reading...