» Chances High That Mortgage Rates Will Hit New Lows Again This Year
Chances High That Mortgage Rates Will Hit New Lows Again This Year
May 7 2013
Having dropped for seven consecutive weeks, mortgage rates are now flirting with the record lows seen at the end of last year, says Bankrate.com. Ad the Federal Reserve seems determined to keep them at the bottom for now.
As rates fall into record-low territory again, the Fed says it will continue to provide economic stimulus by purchasing $40 billion a month in mortgage-backed securities and $45 billion a month in longer-term Treasury securities.
"Taken together, these actions should maintain downward pressure on longer-term interest rates, support mortgage markets and help to make broader financial conditions more accommodative," the Federal Open market Committee said in a statement released Wednesday.
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