Real Estate Rates Down Upon Fed Report
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The Federal Reserve’s announcement that interest rates were going to stablelize after a year long run up. This will be good news for builders, buyers, and mortgage brokers. There has been a great deal of fear the last couple of months as interest rates were rising as the real estate market was slowing down in regions of the country from it’s blistering pace of the last few years.
In Freddie Mac’s survey, the 30-year fixed-rate mortgage averaged 6.3 percent for the week ended today, down from last week’s average of 6.32 percent. The average for the 15-year fixed-rate mortgage is 5.85 percent, down from last week’s average of 5.87 percent. Points on both the 30- and 15-year averaged 0.5.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.77 percent this week, with an average 0.5 point, down slightly from last week when it averaged 5.78 percent. The one-year Treasury-indexed ARM averaged 5.15 percent, with an average 0.6 point, down slightly from last week when it averaged 5.16 percent.
“Earlier in the week, interest rates were a bit higher, as financial markets were a little anxious about what language the Federal Reserve (Fed) would use in its statement this month,” said Frank Nothaft, Freddie Mac vice president and chief economist.
“When the Fed signaled that it’s interest-rate tightening may be coming to an end soon, the financial market breathed a sigh of relief, and rates eased somewhat.” via Inman News
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