U.S. Mortgage Rates Cool Off
Author:
Chad Wandler
Location: McLean
Date: 2013-07-19
Freddie Mac (OTCQB: FMCC) yesterday released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates easing along with market concerns over the Federal Reserve's bond purchase program. News Facts
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey. Quotes "Fixed mortgage rates fell as Federal Reserve (Fed) Chairman Bernanke helped ease market concerns about the Fed reducing its bond purchases. During a question and answer session following a speech on July 10th, Chairman Bernanke indicated that a highly accommodative monetary policy is what's needed in the U.S. economy. "Indications of a slowing in the economic recovery also placed downward pressure on mortgage rates. Consumer sentiment fell to a three month low in July while retail sales in June grew by only 0.4 percent, which was half of the market consensus forecast. In addition, housing starts fell in June to the slowest pace since August 2012."
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