Mortgage rates fall below 5%by Tim Manni
Largely in response to the Fed’s promise of injecting more money into the economy by buying over $1 trillion worth of Fannie and Freddie mortgage backed securities (MBS), the 30-year fixed rate mortgage fell to below 5% today:
By the close of business on March 19, the 30-year conforming FRM fell to 4.94%, according to Keith T. Gumbinger, a VP at HSHAssociates.com. That’s a fall of nearly a quarter percent since Wednesday.
That’s substantially lower than the 5.04% seen in January, which at that time was the lowest rate in about 50 years.