Mortgage companies are reporting that they can now offer the lowest rates in history. 30 year fixed rate loans are in the 4's! According to Freddie Mac rates haven't been this low since 1971. This is a great incentive to lock in for low payments on a home purchase and a great time to refinance a current loan.
Surprisingly this hasn't yet sparked a home buying boom or re energized the economy. Investors are still pulling their money and putting it into stable investments like Treasury Bonds. The spring real estate market was up with tax incentives, but with the tax credits expired home sales took a dive in May. Part of the problem is that many people don't qualify for mortgages, lending rules have become much tighter. If you are a qualified buyer, now might be the best opportunity yet to get into a new home.
If you are interested in learning more about these low mortgage rates let me know and I can put you in touch with one of my trusted lenders.
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