March 20, 2014
Average US 30-year mortgage rate down to 4.32 per cent.
AVERAGE US rates on fixed mortgages have declined, edging closer to historically low levels.
Mortgage buyer Freddie Mac says the average rate for the 30-year loan fell to 4.32 per cent from 4.37 per cent last week.
The average for the 15-year mortgage eased to 3.32 per cent from 3.38 per cent.
Mortgage rates have risen about a full percentage point since hitting record lows roughly a year ago.
The increase was driven by speculation that the Federal Reserve would reduce its US$85 billion-a-month bond purchases, which have helped keep long-term interest rates low. Deeming the economy to be gaining strength, the Fed announced in December and January — and again on Wednesday of this week — that it was reducing its monthly bond purchases.
