So far, 2013 has been an up-and-down year for mortgage rates. After cresting in March, rates for average for 30-year conforming fixed-rate mortgages have sunk by about a quarter percentage point, currently just above the low point for this year.
You might have heard rumblings about home prices rising again, even posting double-digit increases in some metropolitan areas. But what you might not know is that the Federal Reserve actually has a hand in the helping the nation’s real estate market recover.
Adjustable-rate mortgages have had some bad press over the past few years, taking heat for contributing to the massive housing bust that brought the U.S. economy to its knees. Consequently, fixed-rate mortgages, known for their predictability, have become the go-to loan product for many borrowers.