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The Next Kick-Start for the Economy
Oct. 1, 2010 -- After near stasis for the past six weeks, mortgage rates again managed a bit of a decline amid mixed economic messages. Increasing speculation that the Fed will initiate substantial purchases of Treasury bonds (so-called "quantitative easing") to kick-start the economy from its bare expansion helped to drive interest rates a bit lower.
HSH's overall mortgage monitor -- our weekly Fixed-Rate Mortgage Indicator (FRMI) -- saw the average rate for 30-year fixed-rate mortgages shed five basis points to begin October at 4.70%. Important to first time homebuyers and low-equity refinancers alike, 30-year FHA-backed mortgages sported an average of 4.40% for the week. The overall average for Hybrid 5/1 ARMs declined by six basis points (.06%), finishing our national survey at 3.61%. HSH.com's FRMIs include rates for conforming, jumbo, and most recently the GSE's "high-limit" conforming products and so covers much of the mortgage-borrowing public.
We mention above that the economic news seems more mixed to us. It wouldn't be hard to improve upon second quarter GDP, which came in at a final reckoning of 1.7%, but there does seem to be a mild overall uptick (or at least greater stability) in the news for September, the final month ... more

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