Mortgage Market's Gains Stick By Tony Crescenzi About this article: One of the most important developements of the past month has been the stabilization of the mortgage market, which was spurred by the Federal Reserve's Nov. 25 announcement of a plan to purchase $100 billion of agency securities and $500 billion of mortgage-backed securities. The stabilization, which is evident in the huge decline that has occurred in mortgage rates, will almost certainly help ease what has clearly been the biggest part of the financial crisis. This is already apparent in the recent jump in mortgage refinancings, which last week reached their highest in five years. Homeowners have been enticed by the 1.3-percentage-point decline in mortgage rates seen since earlier November, with the 30-year fixed-rate now at an average of 5.14% in the U.S., a record low. Gains seen in the mortgage realm have held in recent weeks, and today's market shows more of the same, with mortgage-backed... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

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