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Mortgage rates fall after taper announcement  (Feb 2014)

Purchase Markets  \  February 1, 2014 08:43 pm

Mortgage rates fall after taper announcement

Following the announcement, mortgage rates dropped  to their lowest levels in months. Mortgage News Daily reported that the average interest for a 30-year fixed-rate mortgage fell to 4.375 percent on Jan. 29. During the previous week, interest rates averaged 4.5 percent for most lenders.

Borrowers may see the decline in rates as a positive sign, but compared to a year ago, mortgage rates are significantly higher . During the same time last year, interest for a 30-year fixed-rate home loan averaged 3.67 percent, CNBC reported.

The drop came as somewhat of a surprise, as many anticipated higher rates in 2014. CNBC reported that because mortgage rates have already risen so steeply over the last year, the impact of the Fed's anticipated reduction may have already been absorbed into the mortgage market. According to the Mortgage Broker's Association, mortgage applications have declined over 50 percent from a year ago as a result of higher rates. Fortunately, homebuyers can temporarily look forward to affordable mortgage options in 2014.

 

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