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Mortgage Rate Takes Record Drop to Below 5%
Topics:Interest Rates | Subprime Lending | Mortgages | Housing | Real Estate | Consumers
Sectors:Construction and Materials
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Rates on U.S. 30-year mortgages posted a record drop of 1-1/8 percentage point to 4-7/8 percent on Tuesday, after the Federal Reserve said it would implement a $600 billion plan to support the mortgage securities market.
The decline on the Mortgage Point Monitor is the biggest since the data series began in 1998, according to David Beadle, president of BestInfo.
The drop is also a one-day record since at least 1988 using other data, he said.
Copyright 2008 Reuters. Click for restrictions.
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