The Mortgage Reports | Tim Lucas
Mortgage rates plummeted Wednesday after suffering painful increases late last week.
The reason: a very encouraging message from the Federal Reserve, at least as far as interest rates go.
The group said it would keep its benchmark rate — the federal funds rate — near zero through 2022.
[…] The silver lining, though, is a Fed that unanimously favors a fed funds rate near 0%. The Fed doesn’t control mortgage rates, but the group sure can help them stay low.
Read the story online here: Mortgage rates in free-fall as Fed predicts 2.5 more years of ultra-low rates