Economic analysts say there are few bright spots in this economy and one of them is the historically low long term mortgage rates. The 30-year mortgage rates being so low are called an economic opportunity for investors and consumers.
The good news here is that the Fed is trying to push the mortgage rates even lower by buying at least half of the home loans made in the U.S. This in turn brought the U.S. 30-year fixed mortgage rate to 4.85 percent, the lowest on record.
Despite high refinancing costs this may still be a historical opportunity to get into the real estate market or buy a house. However, getting a credit is still very difficult and a home buyer needs to have a very good credit history to get a mortgage loan. So our advise is while you are waiting make every effort to build a good credit so you may not have any problems in getting a mortgage loan in a bank.
Research what kinds of rates the mortgage lenders are offering. Do your homework. It can really pay off.
I asked some people what they think of the low mortgage rates. The general consensus that I got from them was that it's great that the 30-year mortgage rates are so low, but it's too bad that the refinancing is difficult.
The economy would have a better stimulus if the people had more faith in their tomorrow's day. Many are afraid of further job cuts and that's why are not taking advantage of the low mortgage rates by refinancing their houses. Interestingly, apparently when u buy a home now MOST mortgage companies will pay for a mortgage protection plan in case u loose your job.
Mortgage markets ended the day improved slightly. Hopefully, we will see some of that change in tomorrow morning's mortgage rate sheets.
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