Doors Floors and More

Cited: Reuters

Mortgage rates have fallen to the lowest level in decades over the past two months and could dip below 4% if the economy worsens.

The average rate for 30-year fixed loans fell this week to 4.42%, mortgage buyer Freddie Mac said Thursday. It was the eighth time in nine weeks that rates have fallen to the lowest level since Freddie Mac began tracking rates in 1971.

Investors fear the recovery is slowing. The latest sign came Thursday when the government reported a half-million people applied for jobless benefits last week, a nine-month high.

Mortgage rates are following the economic jitters. Rates track the yields on U.S. Treasury’s. Those yields have lowered in recent months as more investors put their money into safer Treasury’s.

Rates could fall to 4% sometime next year if the economy slips back into a recession, said Michael Moskowitz, chief executive of Equity Now, a New York-based mortgage lender with operations in six states.

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“The economy is going nowhere for a very long time,” he said.

The average rate on 15-year fixed loans dropped to 3.9%. That was down from 3.92% last week and the lowest on records dating back to 1991.

Low rates have not helped the struggling housing market. It is hampered by tight credit and a weak economy that is producing few jobs.

More people are taking advantage of the rates to refinance their existing loans, with activity reaching the highest level since May 2009.

Many lenders are having a hard time keeping up. Like many employers, they have also slashed jobs because of the tough economy. Now they have fewer people available to process loans.

“They’re trying to slow the number of loans they have coming in because they can’t handle the volume,’” said Cameron Findlay, chief economist at LendingTree.com.

Rates are unlikely to fall to 4% in the next few weeks but could easily do so in the coming months, Findlay said.

To calculate the national average, Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.

Average rates on 5-year adjustable-rate mortgages were unchanged at 3.56%. Rates on 1-year adjustable-rate mortgages also were unchanged at an average of 3.53%.

However, these rates do not include fees known as points. A point is generally equal to 1% of the total loan and nationwide fees for loans in a survey done by Freddie Mac average 0.7% a point for 30-year and 1-year mortgages. For 15-year and 5-year mortgages they averaged 0.6% a point.

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My Take: I, for one, am glad the mortgage rates are still low. I am in the process of buying my 1st home and I would like it to be as cheap as possible, financially speaking. It’s not like I want to buy villas in Marbella or a ranch in Montana. Although, a ranch in Montana sounds good! Even Marbella homes sound good. However, those are for when I become exorbitantly rich by winning the lottery. Ha ha!

I would love to have the cash to build my own home and to afford the Denver CO construction attorneys I would need if I had a problem. Or would those be Denver CO construction defect litigation attorneys. You see, it’s a good thing I don’t have the money to build my own home because I would note contact there was a problem.

I understand that because the rates are so low a lot of investors are purchasing homes and then renting them out. Homes for rent are a big business nowadays. I understand there are a lot of homes for rent right now, some of which may be rent-to-own homes. However, I do not live in Blaine so they will not get my business.

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Glasses Morph into Sunglasses

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