Mortgage rates drop after Fed announces bond-buying program

11/11/2010 | Bloomberg

Mortgage rates fell to an all-time low after the Federal Reserve launched its latest wave of bond buying to bolster the economic recovery. Freddie Mac said that the rate for a 30-year fixed loan dropped from 4.24% to 4.17% in the week that ended Thursday. The average rate on a 15-year fixed mortgage also fell, from 3.63% to 3.57%. "The quantitative easing is helping to lower interest rates overall, and as a result, the longer-term mortgage interest rates are also falling," said Celia Chen, a housing economist at Moody's Analytics.

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