Current Mortgage Rates Continue to Drop

Well, considering that the real estate market had begun to stabilize, the drop in current mortgage rates could mean an economic problem as the market is turned on its ear again.

Across the country, the numbers of houses put up for sale has decreased and more houses have been bought. This has given hope to those of us who had watched the plummeting market with dismay, considering what it meant for the United States' shaky economy. However, now that current mortgage rates have fallen again, that stabilization may be history.

Mortage rates vary by state, but the national average fell .10% last week, with current mortgage rates coming in at 5.48%, where they had been at 5.58% the previous week.

Mortgage applications are at a seven month minimum. This happened as a result of a plummeting demand for home refinancing loans, according to reuters.com. Perhaps the drop in current mortgage rates began as a reaction to this occurrence.

So what to do if you are considering buying a house? Zillow.com just unveiled a tool that will send you an email when the current mortgage rates drop to meet your target amount. Zillow also provides an emailed weekly newsletter that updates you on the current mortgage rates. Here's to hoping that the lower rates will stimulate buyers, because with the mirroring tendencies of real estate and the economy, this sudden drop does not necessarily bode well for any of us, whether or not we are house shopping.