U.S. Mortgage Rates Fall With 30-Year at a Two-Month Low

Julie C. Nichols General

Bloomberg – Prashant Gopal

Mortgage rates in the U.S. fell, sending costs for 30-year loans to the lowest since early February as the Federal Reserve confirmed its commitment to provide support for the economic recovery.

The average rate for a 30-year fixed mortgage was 4.27 percent this week, down from 4.34 percent, according to a statement today from Freddie Mac. (FMCC) The average 15-year rate dropped to 3.33 percent from 3.38 percent, the McLean, Virginia-based mortgage-finance company said.

The central bank has been scaling back bond purchases that have bolstered the housing market by keeping interest rates low. Federal Reserve Chair Janet Yellen said yesterday that support will continue even as policy makers see the economy reaching full employment by late 2016.

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