Littleton Mortgage Rates Near Record Lows
As I mentioned in an earlier post, weakness in the Euro has caused an inflow of dollars into the bond market, resulting in some of the lowest home loan rates, ever. Currently, Littleton lenders are quoting rates in the high 4’s for 30 year fixed rate loans. In spite of these low rates, the number of purchase loans being applied for, is at a 13 year low. I think much of this is caused by the market taking a breather after the expiration of the Federal Tax Credit.
As nice as these low rates are, no one can say how long they will last. If our economy starts to pick up, as the talking heads all predict, we could see money leaving bonds to buy stocks. When this happens, expect to see rates rise.
Jerry Becker
jbeckerhomes@comcast.net