For the eighth time in a year, 30-year fixed mortgage rates have hit a new low, dipping to 3.88 percent this week, down from the old record of 3.89 percent one week ago.

The low rates are attracting few takers, however, because most who can afford to buy or refinance have already done so says Derek Kravitz of the Associated Press.

15 year mortgages went up slightly from 3.16 percent (a record low) to 3.17 percent.

"High unemployment and scant wage gains have made it harder for many people to qualify for loans." said Kravitz. "Many don't want to sink money into a home that they fear could lose value over the next few years."

The National Association of Builders is hoping the low rates will entice buyers after a dismal year last year. 

But Kravitz says that so far the low rates have had minimal impact. "Mortgage applications have risen 6 percent on a seasonally adjusted basis over the past four weeks, but that is based off of extremely low levels."

Read the full article at msnbc.com

Image Source: AboutMortgageRates.net

Posted in Marketing, Buyer Resources, Real Estate Trends, Real Estate Market Conditions

Comment on this article

Name

Email
Your email address will not be displayed.

Site/Url
Your URL will be displayed.

Your vote

Poor Excellent

Comment text

Options

  Line breaks become <br />

  Remember me

  Allow users to contact you through a message form.

Captcha

Please enter the characters from the image above. (case insensitive)

Captcha code