Steve and Lisa's Mortgage Morsels

Mortgage rates fell to a new record low

October 12th, 2012 10:11 AM by Steve Iltis

NEW YORK (CNNMoney) -- Mortgage rates fell to a new record low after the Federal Reserve's decision to buy billions in home loans continued to ease costs for home owners and buyers.
The average 30-year fixed-rate mortgage fell to an all-time low of 3.36%, according to a weekly survey by mortgage finance backer Freddie Mac.
The fixed-rate 15-year mortgage also hit a new record low of 2.69% from 2.73% a week earlier.
Rates have been falling to news lows since the Fed announced last month that it would buy $40 billion in mortgage-backed securities each month. The central bank hopes that keeping interest rates low through this policy, known as quantitative easing, will fuel home buying, which will lead to more spending, and eventually more hiring.
Posted in:General
Posted by Steve Iltis on October 12th, 2012 10:11 AM


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