This information is pretty amazing, take a look at what’s going on with mortgage rates!
Mortgage rate levels dropped again last week, pushed down by the weak economy and the Federal Reserve’s decision to purchase government debt. The average rate for a 30-year fixed loan is now sitting at 4.44%, down from 4.49% last week. For a 15-year fixed, the rate fell to 3.92%, from 3.95% the week prior. Rates continue to fall, and the latest jobs report has investors worried that the country is heading back into the recession. More money is being shifted into the safety of Treasury bonds, lowering their yields. The Federal Reserve announced that they are buying Treasurys to help aid the recovery. However, these low rates have not been enough to spark home sales. Applications to refinance have increased, but are nowhere near the boom levels one would expect.