(Each week Ted Gosnell, from First Home Mortgage, provides realtors with updated mortgage rate info. Here’s this week’s latest info on rates. Click on the link at the bottom to open the PDF. Rates are provided for information only.
In a week packed with big economic news, investors feared that the trend toward higher mortgage rates would continue. The risk that the Fed might begin scaling back its purchases of mortgage backed securities concerned investors. But ultimately the Fed’s apparent neutrality on the subject and the increased unemployment rate (7.9%) caused mortgage rates to reverse earlier increases and end the week little changed. The thirty year fixed rate for USDA Rural Development loans with no down payment and (usually) all seller paid closing costs (effectively no out of pocket money) is once again at 3.25%. Only in America can you buy a home cheaper than you can rent one!