Despite the fact that the Federal Reserve a month ago stopped its program to buy mortgage-backed securities, mortgage interest rates have remained stable and low.
Freddie Mac reported today that the average rate for a 30-year, fixed-rate mortgage was 5.06% for the week ending April 29, 2010. The day after the Fed program ceased, the average rate was 5.08%.
We had commented that rates were likely to rise when the Fed ceased this stimulus program. It is still worth keeping an eye on rates, as they could still move. The stability over the past month, however, has been appreciated by today’s homebuyers.
To view the Freddie Mac’s Weekly Mortgage Market Survey visit: http://www.freddiemac.com/pmms/#Historical
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