The US Federal Reserve has anounced that it has more than doubled its planned purchase of mortgage-related securities which in turn has driven Mortgage Rates go to a Record Low.
This can only be good news for people thinking about getting into a mortgage or even refinancing a mortgage. As current mortgage rates decline there is speculation the rates will stay low.
For first time buyers, this could be a great time to get a home as a 30 year mortgage is sitting at 5%. If you want to figure out if you qualify, a mortgage calculator will help.
The mortgage rates forecast is for rates to stay low for the remainder of 2009, however there is also speculation that when rates tend to fall fast, they also rise fast. Who knows!
So do some homework, what do you have to lose by checking it out. If you can afford to get a new home now, mortgage rates today are as they'll be or have been for quite some time.
It could be a great time to finance a home as Mortgage Rates go to a Record Low . Low interest rates will help keep your costs down and hopefully insure that your equity will increase as the value of your home does. But be careful! Do your homework to make sure you can afford it.
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