Fed Drives Mortgage Rates Below 5% - dallasnews.com

Less than a day after the Federal Reserve said it would double its purchases of mortgage debt, fixed rates on conforming 30-year mortgages dropped as much as half a percentage point to well under 5 percent.

Many analysts doubt that rates will be headed back up anytime soon.

A check of lenders' Web sites Thursday showed rates ranging from 4.625 percent to 4.75 percent, not including points, for the most creditworthy customers.

Except for a day or so in December, rates are at the lowest levels since at least 1965, according to mortgage giant Freddie Mac.

Mortgage rates already were at near-record lows. Nationally, the average conforming 30-year fixed rate for the week ended Thursday was 4.98 percent, according to a Freddie Mac survey taken before the latest interest rate dips.

The rate drop is likely to encourage more borrowers to see whether they can qualify for the lowest rates.

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