Driven down by the government’s campaign to reduce borrowing costs, the average interest rate for a 30-year mortgage dropped to an all-time low of 4.71 percent.
Published today by Freddie Mac, the rate is lowest since the mortgage finance company began tracking the data in 1971. The former record of 4.78 percent was set during the week ending April 30 and matched last week.
The Federal Reserve is injecting $1.25 trillion into mortgage-backed securities to try to lower mortgage rates, but that boost is only estimated to last until next spring. The program goal is to make home buying more affordable and to strengthen the housing market.
Freddie Mac added that the average rate on a 15-year fixed-rate mortgage fell to a record low of 4.27 percent, form 4.29 percent last week.
About EQUITIES:
Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on our website, as well as select content at www.nasdaq.com. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community.
Sign up for a free one-year subscription to EQUITIES Magazine
