Mortgage money stays cheap

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Real Estate in Montana

Rates on 15-year loans lowest since 1991

BY INMAN NEWS, THURSDAY, OCTOBER 18, 2012.

Inman News®

Mortgage rates remained at or near record lows this week as investors — including the Federal Reserve — continued pouring money into mortgage-backed securities that fund nine out of 10 U.S. home loans.

Rates on 30-year fixed-rate mortgages averaged 3.37 percent with an average 0.7 point for the week ending Oct. 18, down from 3.39 percent last week and 4.11 percent a year ago, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey. Rates for 30-year fixed-rate loans hit an all-time low in Freddie Mac records dating to 1971 of 3.36 percent during the week ending Oct. 4.

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