30 Year Mortgage Rates and the Federal Reserve

Posted by:srpatterson 1246 days ago • Discuss • http://fastswings.com

The Federal Reserve cut lending rates aggressively on Tuesday allowing banks everywhere to offer 30 year mortgages at near 95 year record lows. The average rate dipped initially from 5.06% on Monday to 5.01% Tuesday. The rate banks can now lend to one another is set in a range from 0.25% to 0%. Plus the Federal Reserve continues to plan out the purchase of up to $500 billion in mortgage back bonds currently held by banks.

mortgage rates       prime rate       banks       federal reserve