Interest Rate Watch

Buyers should lock in rates now

Supported by the Federal Reserve’s recent decision to cut its overnight federal funds rate to a range of zero to 0.25 percent, the 30-year fixed rate mortgage hit a 37-year low last week reaching 5.17 percent. That’s the lowest the 30-year mortgage rates have been since Freddie Mac began its weekly mortgage rate survey in 1971, noted Frank Northaft, Freddie Mac chief economist.

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