FOMC

The decline in average mortgage rates since the start of the year is driving higher purchase demand, especially at the higher end of the market, according to Freddie Mac.

Mortgage rates dipped after four weeks of increases, finally mirroring the drop in the benchmark 10-year Treasury yield, according to Freddie Mac.

Mortgage rates posted a fourth consecutive week of increases, but Freddie Mac remains bullish in its outlook for this spring's home purchase season.

Historically, rising interest rates have enabled banks to earn more, but this time around in the banking industry, like much else, things are a little different.

Mortgage rates rose slightly for the second consecutive week, but should remain low for the foreseeable future, which will aid the purchase market, according to Freddie Mac.

Average mortgage rates fell by their largest amount in more than 10 years last week as bond yields fell in reaction to the March 20 Federal Open Market Committee meeting.

There was a huge rise in mortgage refinance application activity due to the large drop in interest rates following last week's Federal Open Market Committee meeting.

The 30-year mortgage rate dipped lower than it was 12 months ago for the third week running, according to Freddie Mac's latest report.

The Federal Reserve will roll its maturing holdings of mortgage-backed securities into Treasuries starting after September, capping it at $20 billion per month.

Mortgage rates declined across the board this week, which should make home buying more attractive although there are continuing concerns about inventory, according to Freddie Mac.