Mortgage rates drop on Fed intervention

The average U.S. rate for a 30-year fixed mortgage fell to 3.33% this week, according to Freddie Mac, as the Federal Reserve’s bond-buying program created demand for securities backed by home loans. Together with the prior week’s drop, it was the largest two-week decline since December 2008 when the Fed shocked the financial world with its first-ever…

First-time homebuyers are making a comeback

First-time homebuyers are making a comeback this year as they made up 39% of all buyers in the single-family housing market during the third quarter, according to the third quarter First-Time Homebuyer Market Report from Genworth Financial. First-time homebuyers also made up 55% of all purchase mortgages. This is significantly higher than their historical average, which,…