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Rates AGAIN have hit historic lows…How long will they last this time around? Does it even matter to the troubled housing markets?
Both 30 year and 15 year mortgages have hit record lows this week thanks to a contageous sovereign debt crisis. The financial crash and mortgage meltdown of 2008 is behind us, but not that far… Now we are dealing with a GLOBAL Debt crisis. The US is no exception to the crisis. Our mounting debt and domestic liabilities have been piling up for decades with no exit strategy in sight (or on the radar). The political games of Washington were on full display to the American people over the past few months with Debt Ceiling issue.
Well, thanks to the flury of what seems to be never ending negative bad news, mortgage rates will continue to bounce around historic lows. The problem is we have no idea how long this historic lows will stay in effect. The market is set for a turbulent ride of bumps and lumps! One day rates will be 4.0% and the next 4.25% or higher. Take advantage of the dips!
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