Park Community Credit Union - Homebuyers Get a Helping Hand

A key committee of the Federal Reserve met last week, and decided to leave its benchmark interest rate unchanged. Homebuyers saw a slight drop in mortgage rates.

According to’s weekly national survey, the benchmark 30-year fixed mortgage rate dropped to 4.09 percent last week, from 4.11 percent the week before.

The larger jumbo 30-year fixed nosed up to 4.08 percent, and the average 15-year fixed mortgage held steady at 3.31 percent. Adjustable mortgage rates were mixed, with the 3-year ARM up to 3.52 percent, the 5-year ARM retreating to 3.50 percent and the 10-year ARM unchanged at 3.91 percent.

Mortgage rates were little changed over the week, despite yo-yoing up and down in the interim, Bankrate said.

Bond yields and mortgage rates initially climbed on strong corporate earnings and a rising stock market, only to settle back as the Fed’s concerns about low inflation came to the fore once again.

Mortgage rates are closely related to yields on long-term government bonds. The Fed holds plenty of both in the $4.5 trillion portfolio they are intending to start ratcheting back in the near future.

Being the biggest buyer and biggest holder of these securities helped bring rates down and keep them there throughout the economic recovery.

Just how much upward pressure we see on mortgage rates as they slowly unwind their holdings remains to be seen.

At the current average 30-year fixed mortgage rate of 4.09 percent, the monthly payment for a $200,000 loan is $965.24.

Check out our Pinterest Page for financial tips or visit our website for information about our credit union.

A community of opportunity.

Majority of U.S. Employees Overall Satisfied with Their Job, According to The Conference Board

Fifty-one percent of U.S. employees feel overall satisfied with their job, according to The Conference Board’s latest survey on job

Consumers More Likely to Get Vaccinated After Last Year’s Bad Flu Season

Marking the start of flu vaccine availability, a new survey from CVS Health released recently found that one in five

National Thrift Store Day Is This Friday

If you haven’t been to your local thrift store in a while, perhaps this Friday would be a good time