30-YEAR FIXED RATE MORTGAGE DIPS BELOW 4%
Posted by V.K. [Mel] Melhado PA on Saturday, October 8th, 2011 at 10:30am.
For the first time ever, the 30-year fixed rate mortgage rate dipped below the 4% threshold to 3.94%, while the popular 15-year fixed rate dropped to 3.26%. That rate has dropped for the past six weeks in a row and also was a new record low. If you have the capability of qualifying, it is a fantastic time to finance or re-finance a property.
The low rates are not the issue, but more so the sluggish economy, high unemployment and huge debt loads that are affecting why people are very reluctant to take advantage of the situation. That coupled with the fact that the lenders have stringent requirements for those attempting to qualify have made life tough.
What really makes it sad when you look at the big picture is the fact that if more people were to qualify and take advantage of the low rates, it would certainly help the economy.
V.K. [Mel] Melhado PA
Fine Home Specialist
Preview Naples Group
Downing Frye Realty, Inc.
Be the first to comment on this blog entry!