By: Dennis Norman
Last week the average interest rate on 30-year fixed-rate mortgages dropped to 5.53% from 5.97%, making it the biggest one-week fall in 27 years! The Mortgage Bankers Associaiton also reported that mortgage loan applications were up over 100% during the week of November 24th after news that the Fed’s plan to buy mortgages.
In addition, as I reported last week, The Treasury Department is strongly considering a plan promoted by the National Association of REALTORS(R) to intervene directly in the mortgage industry by buying down mortgage interest rates to 4.5%.
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