U.S. Mortgage Rates Drop Most in Seven Years on Fed Debt Plan
Interest rates last week on 30-year, fixed-rate mortgages fell to an average of 5.5 percent, the largest one-day decrease in at least seven years. The decline was prompted by news that the Federal Reserve plans to purchase $600 billion of mortgage-related debt and set up a $200 billion program to support consumer and small-business loans. Homeowners with sufficient equity in their homes may qualify for the lower rates and refinance into a new home loan.
To read the full story, please click here:
http://www.bloomberg.com/apps/news?pid=20601213&sid=akf9_ZmmdeTY&refer=home
California Association of Realtors
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment