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Tuesday, July 29, 2014         

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Rate on 30-year mortgage holds steady

By Marcy Gordon

AP Business Writer

POSTED:



WASHINGTON » The average rate on the 30-year fixed mortgage held steady this week, staying slightly above the lowest level on record. Low mortgage rates have aided a modest housing recovery.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan was unchanged at 3.55 percent. In July, the rate fell to 3.49 percent, the lowest since long-term mortgages began in the 1950s.

The average on the 15-year fixed mortgage, a popular refinancing option, slipped to 2.85 percent, down from 2.86 percent last week. That's above the record low of 2.80 percent.







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tiki886 wrote:
The longer the Fed artificially steps on the rate, the more severe will be the result when rates are allowed to rise to its true level. Inflation will skyrocket from the trillions of dollars that has been pumped into the economy and rates will climb to try to bridle this runaway hyperinflation.

I remember the days in the early 80s where the prime rate was at 21.50% and mortgage rates were at 18.50%. Courtesy of Jimmy Carter. What we are witnessing today through Obama is what Jimmy Carter's 2nd term would have looked like.


on September 13,2012 | 04:55PM
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