The Federal Reserve‘s announcement that there would be purchases of $750 million in mortgage-backed securities and another $300 million in Treasuries has sparked yet another drop in home mortgage interest rates.
The average interest on a 30-year mortgage fell to a 38-year low of 4.85 percent during the week ending March 27 from 4.98 percent the prior week, Freddie Mac reported.
With more distressed sellers out there, the lowest rates in decades, and numbers showing finally a turn in the home price indexes to the positive side, it just may make sense to check out a purchase before any or all of these three positive market scenarios change for the worse.
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