ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 09/24/2012

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 09/24/2012

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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Mortgage rates were at or near record lows this week following the Federal Reserve’s announcement that it will buy tens of billions in mortgage bonds every month for an indefinite period in order to reduce the cost of borrowing and stimulate the economy.

Rates on 30-year fixed-rate mortgages averaged 3.49 percent with an average 0.6 point for the week ending Sept. 20, down from 3.55 percent last week and 4.09 percent a year ago, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey.

That matches an all-time low in Freddie Mac records dating to 1971 last seen during the week ending July 26.

For 15-year fixed-rate mortgages, rates averaged 2.77 percent with an average 0.6 point, down from 2.85 percent last week and 3.29 percent a year ago. That’s a new low in records dating to 1991.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

In announcing a third round of quantitative easing, or “QE3,” last week, the Federal Reserve said it would step up its purchases of mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac (“agency MBS”) by $40 billion a month. That’s on top of the Fed’s existing policy of continuing to reinvest principal payments from its existing holdings of agency MBS and agency debt into agency MBS.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Those moves, along with a continuation of “Operation Twist” — the swapping of short-term Treasurys for long ones — will increase the Fed’s holdings of long-term securities by about $85 billion each month through the end of the year, and “should put downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative,” the Fed said in announcing the decision.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

The Fed’s purchases of mortgage bonds pushes their prices up, and yields down. But lower rates don’t make it easier for borrowers to qualify for mortgages in the first place, and the benefits of QE3 could be limited if new rules governing mortgage lenders proposed by regulators go into effect, the National Association of Realtors warned.

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