Mortgage rates drop

Mortgage rates drop
MGN Online

POSTED: Friday, July 4, 2014 - 6:06am

UPDATED: Friday, July 4, 2014 - 7:55am

Rock-bottom mortgage rates moved even lower this week. According to Freddie Mac the interest rate for a 30-year fixed rate loan hit 4-point-12 percent. The rate hasn't been that low since october of last year -- when it was 4-point-10 percent.

The drop has surprised some experts, who expected rates to start rising once the Federal Reserve began to cut back on its purchases of treasury bonds and mortgage backed securities.

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