Observers say that the Fed will likely hike rates again before the end of the year
Rates also took a breather after three weeks of consecutive increases
Edward DeMarco, the controversial acting director of the Federal Housing Finance Agency (FHFA), may be replaced by the White House in early 2013.
Banks in the United States have figured out certain ways to derive handsome profits from their mortgage lending operations despite the historically-low mortgage interest rates, a battered housing market and very restrictive guidelines for borrowing.
The financial collapse of 2008 has not only changed the way that potential homeowners approach mortgages, but also the way banks make them available as well.
When the Federal Reserve Bank announced its third round of quantitative easing (QE3) a few weeks in mid-September, mortgage interest rates responded timidly.
There’s been much frustration in the past two years with the actions and proclamations of the Federal Reserve Bank, with a particularly strong chorus of outrage directed at Chairman Ben Bernanke.
Mortgage rates continue to go down. In fact, according to Freddie Mac, during the last week of September, the average rate on a 30-year fixed rate mortgage reached the lowest point since long-term mortgages began in the 1950s.