Mortgage rates are offering good and bad news these days. The good news is that rates have hit 60 year lows, much better than the 50 year lows met a week or two ago. The bad news is that many cannot take advantage of these rates thanks to a lagging economy and a sagging job market. Ideally these low rates are great for the economy, saving people money on their monthly mortgage payments and leaving them more money to spend elsewhere.
What is the current low rate? 4.12% for a 30 year fixed rate mortgage. Who can get this rate? Someone with impeccable credit, steady employment, and money for a down payment on a home. A low mortgage rate can save a home buyer a significant amount of money over the lifetime of a loan, so refinancing real estate could be worth looking into as well.
The low rates are a product of the poor state of the nation’s economy. The people who benefit the most are, unfortunately, those who have been hurt the least, people who still have great credit. Low rates are great for buying real estate, so if you can qualify for a loan you may just want to get out and take a look at today’s great deals!
Click here to read “Mortgage Rates Attain New All-Time Record Lows Again”, from Realty Times.