Mortgage Rates At Record Lows

Why are mortgage rates so low? Because demand is so weak for mortgages. With economic prospects uncertain, fewer Americans than is normal are in the market for a mortgage, so it is in lender’s interest to make their mortgages as tempting as possible.

Low mortgage rates are not boosting home buying in terms of a drastic uptick in home prices and buying, but they’ve stopped the housing market falling deeper, home prices declining more steeply and demand falling off the cliff.

The USA Today reports: Cheap mortgage rates have made home-buying and refinancing more affordable than ever for those who can qualify.
Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year loans ticked down to 3.83%. That’s the lowest since long-term mortgages began in the 1950s. And it’s below the previous record rate of 3.84% reached last week.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
This entry was posted in mortgage, Rates, Refinance and tagged , , , , . Bookmark the permalink.