Mortgage rates fall sharply
Yesterday's announcement that the Federal Reserve would be buying $600 Billion worth of mortgage backed securities had a positive impact on mortgage rates which fell sharply to as low as 5.25% to 5.5% for a 30 year fixed rate mortgage. That certainly will help anyone interested in either buying a home in the Charleston real estate market or those who might be interested in refinancing their current mortgage.
“This action is being taken to reduce the cost and increase the availability of credit for the purchase of houses, which in turn should support housing markets and foster improved conditions in financial markets more generally,” the Fed said in the announcement it posted on its Web site.
Read Mortgage rates fall as US expands rescue at WSJ Online. It's nice to see the consumer getting a little help for a change.