Mortgage rates are down a bit this week in Freddie Mac’s Weekly Survey with 30 year fixed rate loans dropping 7 basis points to 4.50%. The 15 year fixed-rate was down 5 basis points to 3.54%. Rates had been at their highest level in over 2 years, but have continued to drop this week after the Federal Reserve indicated they will continue buying treasury and mortgage bonds at current volumes. This was not expected as most commentators and bond traders thought the Federal Reserve would begin to taper its purchases. Given the disconnect between traders and the Federal Reserve, it seems like there will be some short-term volatility in mortgage rates as the bond market tries to figure out the Federal Reserve’s next move.

Note: Chart above is dynamic and reflects current survey, updated weekly.

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