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William Strauss' Blog

By William Strauss | Mortgage Broker
or Lender in Chicago, IL

mortgage rates lower than low


The United States have not seen mortgage rates sink this low since 1960, none the less consumers are taking their time to either buy a home or refinance their home mortgage. According to the Federal Home Loan Mortgage Company, the median rate for a 30-year fixed rate home loan fell to 4.58 percent as of today.

The current rate is well off the pace of the former record of 4.69 percent recorded a few days ago and it’s the most nominal decrease since the Federal Home Loan Mortgage Company started keeping a record of rates back in 1971.

Overall, mortgage rates have dropped frequently the past couple of months. Capitalist concerned about the Euro financial crisis have begun moving their assets into secure Treasury bonds, forcing yields to fall. Mortgage rates normally follow yields posted by Treasuries.

More restrictive lending practices just don’t provide the opportunities they once did for home owners to refinance their loans. For home owners who can qualify for these very attractive refinancing rates, now may be the time to speak with your financial advisor about locking in a great rate.

Comments

By Peter Kedzior,  Tue Jul 13 2010, 21:40
Instead of cheering the lower than low mortgage rates, one would question how sustainable is this trend? Nobody truly believes these rates are dictated by real market forces? Like current demand for mortgages, amount of capital available for lending etc. The fact that a 30-year APR is now below 5% is nothing else than a manifestation of a heavy government involvement that keeps the housing market from falling further into the foreclosure abyss. As long as we need the government's life support to just to maintain the current level of home values, there is no possibility of a healthy price recovery.

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