Mortgage rates continued to plummet this past week, reaching all-time lows, according to several mortgage-tracking services.
Average rates on all kinds of mortgages have steadily fallen in the past few months. The mortgage meltdown that helped spur the recession jolted the home loan industry and set mortgage rates on a downward spiral. Poor treasury rates and the Federal Reserve’s lack of confidence in the economic recovery have depressed rates in the past few months. The end of August saw a small uptick in mortgage rates across the board, but September and October have brought more stagnation. The threat of deflation has pushed mortgage rates down recently, according to Frank Nothaft, chief economist at mortgage-backing firm Freddie Mac.
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