In an article from Realtor.org and RealtorMag:
The Federal Reserve announced at its regular meeting on Wednesday that it intends to keep its key short-term interest rate – the federal-funds rate – at or near zero for the foreseeable future.
"Although the economic outlook has improved modestly since the March meeting, partly reflecting some easing of financial market conditions, economic activity is likely to remain weak for a time," the Fed said.
One of the Fed’s primary goals is to keep mortgage interest rates low, giving real estate time to recover."They're in the implementation stage," said Laurence Meyer, vice chairman of Macroeconomic Advisers LLC, a forecasting firm.
Source: The Wall Street Journal, Jon Hilsenrath (04/30/2009) Here are rates posted by some of our local lenders and as always on the b-town Report rates are for 30 year fixed rate mortgages and rates are subject to change:
- Fifth Third Bank (www.53.com): 5.00%
- Premier Home Mtg. (www.premierhomemortgage.com): 4.875%
- Regions (www.regions.com): 4.875%
- United Commerce Bank (www.unitedcommercebank.com): 5.00%