The Federal Reserve on Tuesday said that the risk of a downturn in the nation’s economy had increased, and that it was prepared to use additional policy tools, including extending its period of exceptionally low interest rates, until at least 2013.

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A rebound in mortgage rates from last year’s near-record low has reduced consumer demand for home loans and refinancings, leading Wells Fargo & Co. to join other industry stalwarts in laying off loan processors and related workers.

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Back to The Buying Power of Low Rates

Interest rates are at historic lows. We hear this in the news everyday, but what does it really mean?

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Making sense of the Financial Regulations Bill for Buyers

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Last week’s blog posts pretty much focused on the homebuyer tax credit’s closing deadline. We did our absolute best to deliver the latest news as it happened. Let’s review last week’s posts:
Saturday:
“GUEST POST: ‘All Right! The Deadline Has Been Extended!‘”:
All right! The deadline has been extended to September 30! I work in mortgage banking and have been working [...]

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If you were following us last week you would have read that mortgage rates once again fell to record lows. How low? We’re talking the lowest levels in 54 years. On Thursday of last week, the 30-year Conforming fixed rate rang in at 4.69%, a figure last seen in 1956.
“There was a time when ultra-low [...]

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This week was one for the record books, in the housing market that is. Mortgage rates fell to 54-year lows this week. Not since 1956 have market observers seen rates this low.
That said, on Thursday we mentioned that comparing mortgage rates from 1956 against 2010 isn’t exactly a fair comparison, even if they both range [...]

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Update1: At the close of business today, the 30-year Conforming fixed rate rang in at 4.69%.
Original post: At the close of business yesterday, the 30-year Conforming fixed rate rang in at 4.75%, according to HSH.com. That’s a 54-year low for mortgage rates (from what we can reckon), the lowest we’ve ever recorded.
However, mortgage-rate records [...]

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