ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL - 08/31/2012
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
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Mortgage rates eased this week, reversing three consecutive weeks of increases, as Federal Reserve policymakers weighed further stimulus measures that could include additional purchases of mortgage-backed securities that fund most U.S. mortgage loans.
Rates for 30-year fixed-rate mortgages averaged 3.59 percent with an average 0.6 point for the week ending Aug. 30, down from 3.66 percent last week and 4.22 percent a year ago, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.
For 15-year fixed-rate mortgages, a popular refinancing option, rates averaged 2.86 percent with an average 0.6 point, down from 2.89 percent last week and 3.39 percent a year ago.
Rates on 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.78 percent with an average 0.6 point, down from 2.80 percent last week and 2.96 percent a year ago. For 1-year Treasury-indexed ARM loans, rates averaged 2.63 percent with an average 0.4 point, down from 2.66 percent last week and 2.89 percent a year ago.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
The Federal Reserve, which wound down a program in 2010 that kept mortgage rates low by buying up $1.25 trillion in mortgage-backed securities (MBS) guaranteed by Fannie Mae and Freddie Mac, is currently reinvesting principal payments on its $1 trillion holdings in Fannie and Freddie debt and MBS into agency-backed MBS.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
At an annual economics symposium in Jackson Hole, Wyo., where Fed Chairman Ben Bernanke announced "QE2" in 2010, Dennis Lockhart, the head of the Federal Reserve Bank of Atlanta, told Reuters that it will be a close call as to whether further asset purchases are needed to boost the economy.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
When members of the Fed's Open Market Committee meet next Sept. 12-13, the question will be how much benefit such a move would provide, and what the costs would be in both the short and longer run, Lockhart said.
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