Daily Real Estate News | Friday, September 28, 2012
Mortgage rates were back to breaking records for the second consecutive week. All mortgage products, except for the 5-year adjustable-rate mortgage, averaged a new record low, Freddie Mac reports in its weekly mortgage market survey.
For those who can qualify, the low rates are helping to keep home buyer affordability high and refinancing strong, Freddie Mac reports.
"Fixed mortgage rates continued to decline this week, largely due to the Federal Reserve's purchases of mortgage securities, and should support an already improving housing market,” says Frank Nothaft, Freddie Mac’s chief economist.
The Fed recently announced it would purchase $40 billion in mortgage-backed…