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Mortgage Rates Tumble as Fed Reassures Lenders

Tuesday, Mar 31 2020
Lending
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Mortgage rates swung sharply downward last week after the Federal Reserve gave lenders a confidence boost amid the coronavirus pandemic. So reports MarketWatch.

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 3.50% for the week ending March 26, after surging to an average of 3.65% the previous week.

The Fed’s recent announcement of unlimited bond-buying, including purchases of mortgage-backed securities, had a “huge psychological benefit” that helped lenders cozy up to the idea of lowering rates.

Read the full article from MarketWatch.

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