Mortgage Rates At Lowest Levels Since 1960's
By: Allison Morrison
Updated: March 20, 2009
There's good news for potential homebuyers and those looking to refinance, mortgage rates are now at their lowest levels since the 1960's.
This coming just one day after the Federal Reserve announced it would double its purchases of mortgage debt.
Fixed rates on conforming 30-year mortgages dropped to well under 5%.
Lenders in Lubbock have seen a drastic increase in call volume from folks interested in seeing what kind of loan they can now qualify now.
"Go ahead and start looking for real estate to buy and buy the real estate using these lower interest rates, which makes them more affordable, which makes the borrower able to qualify for more loan," Royce Lewis, Capital Mortgage Services.
Experts doubt these rates will go back up anytime soon.
