Interest rates for a 30 year mortgage dropped to 4.7%, the lowest rate since 1971. The rate was disclosed by Freddie Mac that began tracking the date in 1971. The previous low was 4.78% this past April.
The Federal reserve is pumping over 1 trillion dollars into buying mortgage backed securities to try and lower interest rates. When they are done watch out as the rates will go up probably sometime next year.
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