July 22, 2009 -- The benchmark 30-year fixed-rate mortgage fell 3 basis points, to 5.55 percent. One year ago, the mortgage index was 6.77 percent; four weeks ago, it was 5.8 percent. The Fed "believes that a highly accommodative stance of monetary policy will be appropriate for an extended period." (The Fed will keep short-term rates low for a long time)
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