What’s good in the hood
Rates on fixed-rate mortgages dropped to near record lows this week, with the 30-year fixed-rate mortgage making an encore appearance below 5%, according to Freddie Mac’s weekly survey of conforming mortgage rates, released on Thursday.
An expansive investment in the economy by the Federal Reserve intended to shore up the housing market and spur on the recovery triggered a broad rally on Wall Street, lifting the major indexes to substantial gains.
Traders immediately cheered the Fed’s moves, hoping they would lead to lower mortgage rates and a return to more bullish conditions. By 3:10 p.m., the Dow Jones Industrial Average stood up 131 points at 7527. The Nasdaq had picked up 35 at 1497, and the S&P 500 had jumped 20 to 798.
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