Mortgage Rates Reach Record Low
U.S. mortgage rates on 30-year fixed loans have fallen to a record low after the Federal Reserve last week announced its plan to reduce borrowing costs by replacing short-term debt with more long-term debt. (more)
U.S. mortgage rates on 30-year fixed loans have fallen to a record low after the Federal Reserve last week announced its plan to reduce borrowing costs by replacing short-term debt with more long-term debt.
The interest rates on 30-year mortgages, ending this week at a low average of 4.01 percent, have reached their lowest level since Freddie Mac began keeping such records in 1971. Rates for 15-year fixed loans also fell, from 3.29 percent last week to 3.28 percent this week. –BF
Your support matters…Bloomberg in the San Francisco Chronicle:
Record-low borrowing costs “are only a marginal support right now,” Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. in New York, said in a telephone interview yesterday. “Mortgage credit is still tight and secondly, on the demand side, households are concerned about the job market and falling house prices.”
The S&P Case-Shiller index of home values in 20 U.S. cities decreased 4.1 percent in July from a year earlier, the group reported Sept. 27.
Purchases of new houses fell in August to a six-month low, Commerce Department data showed this week. Sales of previously owned homes that month rose to a five-month high, boosted by demand for lower-priced distressed properties, the National Association of Realtors said Sept. 21. The median price dropped to $168,300 from $177,300 in August 2010.
Independent journalism is under threat and overshadowed by heavily funded mainstream media.
You can help level the playing field. Become a member.
Your tax-deductible contribution keeps us digging beneath the headlines to give you thought-provoking, investigative reporting and analysis that unearths what's really happening- without compromise.
Give today to support our courageous, independent journalists.
Business & Economy
The cost of living might be rising faster for them.
Business & Economy
Its interest rate hikes are hurting consumers and workers while bypassing the main source of inflation.
Because our banks aren't nationalized, its inability to work with Congress has resulted in another botched attempt at crisis management.
Still, the economy faces threats from China’s viral outbreak, an ongoing trade war and struggles at Boeing.
The job market remains strong, although hiring and wage gains have slowed.
Its forced choice to bankroll hedge funds and other speculative ventures in repo market comes at a price to the middle class.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.