News Column

Mortgage Interest Rates Dip to 4-month Low

October 24, 2013

Samantha Bomkamp, Chicago Tribune

mortgage interest rates

Oct. 24--Mortgage rates hit their lowest levels in four months this week, Freddie Mac said Thursday, as speculation grew that the Federal Reserve will continue its bond-buying stimulus plan through the end of the year.

The rate on a 30-year fixed rate mortgage averaged 4.13 percent this week, down from last week's 4.28 percent. A year ago, it averaged 3.41 percent.

The 15-year fixed mortgage rate averaged 3.24 percent, down from 3.33 percent last week. This time last year, it averaged 2.72 percent.

Freddie Mac's Chief Economist Frank Nothaft said a weaker-than-expected September jobs report, delayed by the government shutdown, raised the likelihood that the Federal Reserve will continue infusing money into the economy and keep interest rates low. The economy added just 148,000 jobs last month, under what analysts were expecting and down significantly from the 193,000 jobs added in August.

sbomkamp@tribune.com -- Twitter: @SamWillTravel

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Original headline: Mortgage Rates Dip to 4-month Low



Source: (c)2013 the Chicago Tribune