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Mortgage rates continue to fall Roberto The New Year brought new lows for long-term mortgage rates, which continued to drop for the week ended Jan. 8, 2009. According to the Freddie Mac Primary Mortgage Market Survey, this was the tenth consecutive week of mortgage rate declines. In addition, the 30-year fixed-rate mortgage reached a benchmark low for the Freddie Mac survey which has been tracking interest rates since 1971.
The steep drop in rates was a result of a program initiated by the Federal Reserve to purchase mortgage bonds. It is expected that additional efforts will be made by the government to further lower interest rates as a way to stabilize the housing market by facilitating refinancing and enticing homebuyers into the marketplace.
Posted: January 15, 2009
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