Since the start of the credit crisis “niche” products like jumbo lending have suffered dramatically with most lenders either dramatically raising rates or completely eliminating the program.
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Freddie Mac announced today that interest rates continued to fall as the Federal Reserve has continued to ramp up purchases of mortgage-backed bonds to support residential lending.
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According to the Primary Mortgage Market Survey released by Freddie Mac weekly the current average interest rate on a 30-year fixed-rate mortgage is 4.85% at the cost of .7 for the week ending with March 26th.
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According to Freddie Mac’s Primary Mortgage Market Survey, a weekly report released by Freddie Mac that surveys average mortgage interest rates, the average 30-year fixed-rate mortgage dropped to 4.98% this week.
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According to Freddie Mac interest rates on 30-year fixed-rate mortgages fell to 5.03% for the week ending with March 12th.
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According to Freddie Mac’s Primary Mortgage Market Survey that was released today, interest rates on a 30-year fixed-rate mortgage averaged about 5.07% with an average cost of .7 point this week.
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According to Bankrate.com the average 30-year fixed rate mortgage rose to 5.70% from 5.48% for the week ending with February 4th.
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The Federal Reserve will issue a statement around 2:15 P.M. EST on Wednesday that will coincide with the end of their two-day meeting to discuss the deepening year-long recession.
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After 11 weeks of consistent interest rates drop mortgage rates are back up over 5%.
The Federal Reserve announced today at 2:18 PM that they would cut the key funds rate by .75% to 2.25% which was less than expected.
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