According to Freddie Mac;
“Mortgage rates ended their four-week descent this week, with average rates on 30-year and 15-year fixed rate mortgages coming up by about 0.2 percentage points,” said Frank Nothaft, Freddie Mac vice president and chief economist.” This increase completely erased the previous week’s decline. The movement in fixed mortgage rates was broadly consistent with the movements of Treasury bonds over the week.
“Reinforcing the Fed’s resolution to thwart a recession, the Federal Open Market Committee announced another cut in the target federal funds rate by half of a percentage point in their most recent scheduled meeting. This came on the heels of the Fed’s rate cut of three-quarters of a percentage point the previous week, and the shaping-up of a fiscal stimulus package by Congress and the White House. This cut was in line with market expectations.”
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