Mack's Blog

Interest on 30-year fixed home loans dropped below the 5 percent threshold this past week, reported Freddie Mac. The rate slipped to 4.97 percent after averaging 5.01 percent the previous week and 5.16 percent a year ago. Long-term mortgage interest set a record low of 4.71 percent in early December and has hovered near 5 percent since — largely due to a Federal Reserve MBS purchase program, which is slated to end on March 31.

[SOURCES: Freddie Mac; Information, Inc.]

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