Interest rate outlook revised
From staff and wire reports
Interest rates have continued to drop over the last four weeks, with the 10-year Treasury bill at a 45-year low and 30-year fixed-rate mortgages at a 36-year low, according to Freddie Mac.
“We have again revised our outlook for mortgage interest rates downward, with rates on 30-year fixed-rate mortgages expected to average 6% in the fourth quarter,” said Frank Nothaft, Freddie Mac’s chief economist.
Single-family mortgage originations are projected at $2.2 trillion for this year, a 5.6% gain over last year.
