General World News

Mortgage rates decline to 3.09%

The average 30-year-fixed rate mortgage dropped to 3.09% during the week ending Nov. 4, down from 3.14% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 2.78%.

Most economists believe mortgage rates will climb following as the Federal Reserve tightens monetary policy. The central bank’s Federal Open Markets Committee announced on Wednesday that it will begin to taper its monthly asset purchases starting in November.

“While mortgage rates fell after several weeks on the rise, we expect future upticks due to stronger economic data and as the details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com