Long-term mortgage rates under 5% for 1st time in 4 months WASHINGTON (AP) — The average long-term U.S. mortgage rate fell below 5% for the first time in four months, days after the Federal Reserve jacked up its main borrowing rate in an aggressive effort to get inflation under control. The 30-year rate tumbled to
He bought the house 9 months ago. Then the ocean swept it away. Ralph Patricelli had grand plans for the vacation home at 24235 Ocean Drive in Rodanthe, on a spit of land in the middle of North Carolina’s Outer Banks. He and his sister purchased the four-bedroom waterfront home in August for $ 550,000.