Mortage rates continued to fall this past week. According to BestCashCow:
"Mortgage rates have decended over the past three weeks, touching lows not seen since last April when the Fed began buying up mortgage backed debt. According to the BestCashCow rate tables, the average 30-year fixed rate mortgage is now below 5% at 4.901%. The fifteen-year fixed rate mortgage average is 4.373%, close to the all-time low.
What one hand giveth, the other taketh. And so it is that savers are subsidizing borrowers. I could provide a scathing commentary on this but will simply say that if you can't beat them, join them. If you are looking to buy or refinance, now is another great opportunity to do so.
Housing prices if anything are heading down. The near bankruptcy of the FHA and the glut of foreclosures is continuing to put massive pressure on housing prices. Now is a good time to buy.
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