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Rates Reach Truly Record Breaking Lows

Mortgage News > Rates Reach Truly Record Breaking Lows
Date: 10/07/2011    Rates Reach Truly Record Breaking Lows

For the first time in history interest rates for a 30-yr fixed mortgage dropped below 4%.  Freddie Mac’s interest rate data released Thursday revealed the drop on a 30-yr fixed to 3.94%, and 3.26% on a 15-yr fixed, also a record low.

Rates this low provide homeowners the possibility of saving thousands of dollars on existing loans, and qualified home buyers the chance of a lifetime to lock in such amazing rates.

Rates being what they are the obstacle remains; qualifying for such rates is extremely difficult.  Those with high enough credit scores still need to provide the 20% down and the proof of income to afford the purchase.  As the nation’s unemployment rate remains above 9% record low interest rates for many are nothing more than a carrot being dangled right in front of them.