Jan 31 2010

Low Mortgage Rates

Published by at 12:11 pm under General Information

Long-term mortgage rates have hovered around a very favorable 5 percent thanks to the Federal Reserve’s purchases of mortgage-backed securities, a program meant to keep rates low and make home buying more affordable.

The central bank’s policymaking committee confirmed on Jan. 27 that it will keep rates near these record lows in order to prop up the economy; but it still plans to terminate the mortgage purchase program at the end of March.

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