Mortgage rates plunge at fastest pace in a decade
Rates for home loans tumbled, as investors snatched up safe assets in the wake of a Federal Reserve policy announcement that took markets by surprise.
The 15-year adjustable-rate mortgage averaged 3.57%, down from 3.71%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.75%, down nine basis points. Lower borrowing costs are obviously good for would-be homebuyers. But rates aren't the housing market’s only headwind. There’s still very little inventory of homes in the areas where people want to live, in the price ranges they can afford. And mortgage lending remains tighter than before the housing crisis, even as Americans have accumulated more student debt and lower down payments.The housing industry is, slowly, adapting.
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