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Mortgage rates fell to a new record low
October 12th, 2012 10:11 AM by Michael 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.
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Posted by Michael Iltis on October 12th, 2012 10:11 AM
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