BOSTON – Mortgage rates have dropped to the lowest level in decades to only 4.49 percent on a 30-year fixed loan. For those looking to refinance or purchase a home now might be your best chance.
According to Freddie Mac, just last week a 30-year fixed loan was 4.54 percent. This week it dropped 0.5 percent making mortgages rates the lowest it’s been in 39 years.
If you’re looking to save more consider getting a 15-year fixed loan which dropped to 3.95 percent this week, that’s the lowest it’s ever been.
The reason for the drop is because more investors are putting their money into secured U.S. Treasury bonds.
With the low rates it’s already starting to pick up the housing market, however refinancing has not seen much of a boost.
Although the housing market is beginning to pick up, it’s no where near where it should be as high unemployment and strict credit has halted potential buyers.
Home sales have plummeted since June when the first time home buyers tax credit ran out April 30th.
If you’ve already missed the first time home buyers credit rebate it might be a good idea to talk to a lender and see if you quality for a low interest loan as the tides will being to turn as the market regains strength.
According to Freddie Mac, just last week a 30-year fixed loan was 4.54 percent. This week it dropped 0.5 percent making mortgages rates the lowest it’s been in 39 years.
If you’re looking to save more consider getting a 15-year fixed loan which dropped to 3.95 percent this week, that’s the lowest it’s ever been.
The reason for the drop is because more investors are putting their money into secured U.S. Treasury bonds.
With the low rates it’s already starting to pick up the housing market, however refinancing has not seen much of a boost.
Although the housing market is beginning to pick up, it’s no where near where it should be as high unemployment and strict credit has halted potential buyers.
Home sales have plummeted since June when the first time home buyers tax credit ran out April 30th.
If you’ve already missed the first time home buyers credit rebate it might be a good idea to talk to a lender and see if you quality for a low interest loan as the tides will being to turn as the market regains strength.