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That didn't take long.
Less than a day after the Federal Reserve said it would double its purchases of mortgage debt, fixed rates on conforming 30-year mortgages fell well below 5 percent, and there's thought rates may stay there for a while.
A check of local lenders' Web sites show rates ranging from 4.625 percent to 4.75 percent, not including points. The last time mortgage lenders offered rates this low was for a day or so in December. The rates are the lowest since at least 1965, according to Freddie Mac.
This time, the new floor for rates may be around for a while, after the Federal Reserve's announcement Thursday that it would buy up to $300 billion of long-term U.S. Treasuries and increase purchases of Fannie Mae- and Freddie Mac-backed securities to $1.25 trillion, up from $500 billion.
