BREAKING: Fed's New Policy Shock Causes Mortgage Loan Interest Rate to Plummet to Historic 2.99% Low—But Borrowers Are Warned of Hidden Clauses
A viral rumor claims the Federal Reserve has secretly slashed mortgage loan interest rates to 2.99% for all new homebuyers, but a fact-check reveals this is FALSE. The actual average 30-year fixed mortgage rate remains near 6.5% as of October 2023. The fake news originated from a satirical website misinterpreting a Fed reserve adjustment targeting commercial paper, not residential lending. Borrowers should ignore any ads promising sub-3% rates—those are likely scams or limited to short-term adjustable-rate loans with predatory terms. Always verify rate changes with official lenders or the Federal Reserve's own data releases.