Mortgage Rates Hit Record Low ... Again
It's another record low for mortgage rates. The average 30-year fixed-rate mortgage fell to an all-time low of three-point 36-percent. That's according to a weekly survey by mortgage finance backer Freddie Mac. The fixed-rate 15-year mortgage also hit a new record low of two-point 69-percent.
The Federal Reserve announced last month that it would buy 40-billion-dollars in mortgage-backed securities each month. The central bank hopes the move will fuel home buying, which will lead to more spending, and eventually more hiring.