Mortgage rates dropped again this week, as the Federal Reserve announced the much anticipated Operation Twist, which analysts say should help keep rates low for now.
The 30-year fixed-rate mortgage fell 3 basis points, to 4.29 percent. This is the lowest rate level the fixed rate has reached since Bankrate started the weekly mortgage survey 26 years ago.
The 15-year fixed-rate fell 2 basis points to 3.42 percent. The average rate for 30-year jumbo mortgages, was 4.85 percent, up 2 basis points from last week's rate.
The Federal Reserve embarked on Operation Twist today. The FED announced it will buy more treasury securities with maturities of 6 to 30 years. Twists intent is to bring down long-term interest rates even furthe ... to spur more borrowing.
Of course if you're in the market for a home - the best place to shop for interest rates…is right here at Bankrate.com. I'm Kristin Arnold.