Markets & Economy

Mortgage rates dip from last week

Fed may begin to wind down stimulus program as early as this summer

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Mortgages rates slipped this week, even as the S&P 500 Index and the Dow Jones Industrial hovered around record highs. The reported decline comes just a day after a Federal Reserve official said that the Fed could begin to wind down its stimulus program as early as this summer and end it altogether sometime late this year.Rates on 30-year fixed-rate mortgages averaged 3.54 percent with an average 0.8 point for the week ending April 4th, down from 3.57 percent last week, and 3.98 percent a year ago, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey. Rates on 30-year fixed-rate loans hit a low in Freddie Mac records dating to 1971 of 3.31 percent during the week ending Nov. 21, 2012. Inman News reporter Teke Wiggin talks to Trulia Chief Economist Jed Kolko about the role of mortgage rates in the housing marketFor 15-year fixed-rate mortgages, rates averaged 2.74 percent with an average 0.7 point, down from 2.76 percent last week and 3.21 pece...