Still low by historical standards, current mortgage rates are expected to remain “exceptionally low for an extended period.” For millions of homeowners that hoped to refinance into a lower mortgage rate earlier in the year but waited too long as rates rapidly increased from the low-to-mid 4% range to the mid 5% range, these words by Federal Reserve Chairman Ben S. Bernanke should resonate into an unprecedented second chance.
Additionally, first-time homebuyers eager to exercise the federal government’s $8,000 tax credit should also be enticed by the latest news. As more and more homebuyers are brought back to the housing market, the proverbial light at the end of the housing crisis tunnel appears brighter.
Is this truly the beginning of the end of the housing crisis? Ultimately, the sun will set on these historically low mortgage rates. Don’t miss the boat … again!
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Twitted by TotalMortgage
July 22, 2009 @ 12:09 pm
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