Mortgage rates stay at 3-month lows

Fed policies help fixed-rate, ARM borrowers

The premier event for luxury agents and brokers
Luxury Connect | Oct. 16-18 | Beverly Hills

Mortage rates were mostly unchanged from last week at three-month lows after the Federal Reserve said it would stretch out its purchases of mortgage-backed securities through the end of March.

The 30-year fixed-rate mortgage (FRM) averaged 5.04 percent with an average 0.6 point for the week ending September 24, unchanged from a week ago and down from 6.09 percent a year ago, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey.