In September, rates plunged to a two-year low, falling as far as 5.89%. But over the following three-plus months, the average surged almost 1.25 percentage points—before recently easing lower.
Mortgage rates declined by one basis point this week, not enough to change the equation to bring consumers back into the housing market, Freddie Mac said.
Those rates determine how much Americans earn on their savings and how much they pay to borrow — including when buying a home. Now, the Fed doesn’t say, “Here are the mortgagerates for ...