DECLINING HOME EQUITY, TIGHTER STANDARDS ARE STOPPING BORROWERS.
Mortgage rates have sunk to the lowest level in mofre than five decades, but consumers aren't rushing to refinance their loans or buy homes.
Mortgage company Freddie Mac said the average rate for 30-year fixed lons sank to 4.58 percent this week.
Rates have fallen over the past two months. Investors wary of the European debt crisis and the stock market have shifted money into the safety of Treasury bonds, driving down yields.
Refinancing is generally considered worthwhile for homeowners who can shave at least three-quarters of a percentage point off the rates they pay now and plan to stay in their homes for a long time.
m
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment