30-Year-Fixed Mortgage Hits Another New Low
The interest rate on a 30-year-fixed mortgage hit 4.96 percent today, according to Freddie Mac, marking the 11th straight week of declines in the go-to industry mortgage.
The news is likely to sustain the refinance boom underway for homeowners with a) good credit and b) equity in their homes.
This week's rate is down from last week's of 5.01 percent.
Rates are continuing to drop because the New York Fed last week began buying $500 billion of mortgage-backed securities, a move that is lowering borrowing costs.
January 15, 2009; 3:13 PM ET
Categories: The Ticker | Tags: Freddie, mortgage, refinancing
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