Interest rates have fallen for three consecutive weeks landing at 4.2% on a 30-year fixed mortgage for the week ending May 16, 2014.
The average 15-year fixed rate fell from 3.32% to 3.29% in the same week.
The slight increase and slow plateau of the mortgage industry’s interest rates has followed the Federal Reserve’s bond buying trends. The Federal Reserve’s announced drops in their monthly bond purchases four times since December of last year.
USA Today has reported Federal Reserve Chair Janet Yellen expressing to Congress that the nation’s economy is showing trends of improvement.