The rate for a 30 year fixed mortgage hit an all time low of 4.85% today and represents the lowest mortgage rates on record for a fixed 30 year term. I'm sure everyone in the housing industry hope that that this will inspire people to seek mortgage loans so the housing market can start to rebound.
This is the first time the mortgage rate has hit such a low and even though it shows light at the end of the tunnel, some experts are saying it will not enable people with sketchy credit to get into the market. Banks are cautious and, no doubt, are trying to lower the default rate and their exposure.
New Home purchases actually increased in February over January, spurred by lower mortgage rates. Hopefully the trend will increase. Anything that will help consumer confidence is good at this point in time for private banking. However sales of new homes actually decreased over the same time for 2008 and the sales price decreased.
You can get more information here and here.
Even though this is good news for anyone buying, or considering buying a home, caution is still the best way to proceed. Mortgage rates may be low and the price of homes may have dropped, but you'll still have to qualify for a mortgage, and that's going to be the real test.
Just because we are seeing the Lowest Mortgage Rates on Record for a 30 year fixed rate mortgage, rest assured the financial institutions are going to be very cautious about who they approve.
Refinancing today may also be a good idea if you can qualify.
Showing posts with label current mortgage rates. Show all posts
Showing posts with label current mortgage rates. Show all posts
Thursday, March 26, 2009
Wednesday, March 18, 2009
Mortgage Rates go to a Record Low
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.
mortgage calculator, , mortgage rates today, mortgage rate trends, mortgage rates forecast
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.
mortgage calculator, , mortgage rates today, mortgage rate trends, mortgage rates forecast
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