To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.
The average 15-year fixed mortgage rate slumped to 3.38 percent, while the larger jumbo 30-year fixed mortgage rate stepped back to 4.31 percent. Adjustable rate mortgages were lower also, with the 5-year ARM and 7-year ARM each sliding to an 11-month low of 3.21 percent and 3.45 percent, respectively.
Mortgage rates have been on the downswing as the possibility of a low interest rate environment persisting longer than expected is drawing increased consideration from investors. The Federal Reserve remains concerned about inflation being too low, readings on the housing market have been disappointing of late - both of which lead to uncertain conclusions about the U.S. economy - and the
As 2013 came to a close, the average 30-year fixed mortgage rate was 4.69 percent. At that time, a
Keywords for this news article include: Real Estate,
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