Fixed mortgage rates dropped to their lowest levels since this summer, giving a lift this week to the housing recovery.
“Mortgage rates slid this week as the partial government shutdown led to market speculation that the Federal Reserve will not alter its bond purchases this year,” says Frank Nothaft, Freddie Mac’s chief economist.
Mortgage rates have been dropping since September when the Federal Reserve decided to delay tapering its $85-billion per month bond purchasing program, which has been keeping rates low.
Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 24:
—REALTOR(R) Magazine Daily News
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