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cost of living: Looking Back And Looking Ahead : March 24, 2008 - 03/24/08 10:32 AM
Conforming mortgage rates edged slightly lower for the second week in a row.
Mortgage rates fell for two main reasons:
The Federal Reserve offered fiscal support for troubled mortgage-backed securities A government group gave Fannie Mae and Freddie Mac permission to lend more of money to American homeownersThese two actions combined to make mortgage-backed securities safer for mortgage bond investors and when mortgage bonds are safer, their required rate of return (i.e. interest rate) comes down.
This is the financial concept of Risk vs. Reward in action.
Expect mortgage rates to be in flux and highly volatile again this week, however.
Aside from housing and consumer confidence … (0 comments)
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