Mortgage rates drop to 16-month low

Mortgage rates dropped to 16-month lows today after minutes of the Federal Reserve discussions at the Sept. 16-17 meeting showed that officials do not plan to raise interest rates anytime soon.

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"Recent surges in mortgage applications also reflect the impact low rates are having on homebuyer demand nationwide..

This marks the sixth consecutive week of rate declines. Rates on 15-year fixed rate loans also plummeted down to 3.28% with an average 0.5 point, down from 3.46% a week earlier. The five-year adjustable rate mortgage averaged 3.52% with an average 0.4 point, a decrease from 3.6% the week before.

 · It’s more affordable to buy a house today as mortgage rates have dropped to a 16-month low. According to Freddie Mac, the 30-year fixed rate mortgage declined to.

Fixed mortgage rates sank to a 10-month low this week amid uncertainty about the health of the economy. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate.