As you have likely seen in the news this week, the Fed continues to drop its federal funds rate; the trend continued yesterday as it was slashed again by another half of a percentage point. This move, however, will end mortgage rates’ 5-week record descent, according to Freddie Mac.
The government-sponsored loan buyer said the rate on a 30-year fixed-rate loan averaged 5.68% for the week ending today, up from 5.48% last week, but still well below its historical average and the 6.34% average we had this time last year, Freddie Mac noted.
"Reinforcing the Fed's resolution to thwart a recession, the Federal Open Market Committee announced another cut in the target federal funds rate by half of a percentage point in their most recent scheduled meeting," said Freddie Mac vice president and chief economist Frank Nothaft in a statement today.
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