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Rates Reach 3 Month Low

Mortgage News > Rates Reach 3 Month Low
Date: 10/07/2013    Rates Reach 3 Month Low

Freddie Mac released its weekly rate report Thursday revealing interest rates are the lowest they have been in three months.  The average rate for a 30 yr fixed mortgage dropped down to 4.22% from last week’s rate of 4.32%.  Rates dropped for a 15 yr fixed mortgage as well ending at 3.29%, down from 3.37% last week.

Market analysts attribute the drop in rates to the recent government shutdown which has prompted investors to sell stocks and buy treasury bonds, as well as the Federal Reserve’s $85 billion a month in bond purchases.
 

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