June 29th, 2010 11:34 AM by Sam Kader
Mortgage rates this low has not been seen since mid 1950. However, thanks to tightening underwriting guidelines and lackluster consumer confidence – loan application has been dismal. No one expects falling rates to energize the economy. Consumers are still concerned about their jobs and financial well being. Rates have fallen over the past two months as investors have become nervous about Europe’s debt crisis and the global economy and have shifted money into safe treasury bonds. The demand has caused Treasury yields to fall and mortgage rates to fall in tandem. Americans normally rush to refinance when rates plummet. But refinancing activity now amounts to less than half the level of early 2009 when long-term rates hovered around 5%.
Some of the reasons are:
Homeowners that pass the 4 Cs test (Credit, Capacity, Cash, and Collateral), do take advantage of this once in a lifetime opportunity.
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