Mortgage Rates Aren’t Generating Home Sales

by Isaac Benmergui, Esq on November 1, 2011

Mortgage rates may have fallen below 4 percent for the first time ever, but it may not have much of an effect on home buying, despite the Federal Reserve’s claim that it plans to hold down interest rates for the next two years. Although some people may be in a good financial position to buy, many won’t for fear of the unsteady job market and the strict lending standards that many simply cannot meet.

Potential home buyers are simply in no hurry to act on their desire for home ownership and incur a large amount of debt until they see what the economy is going to do. Fixed rate 30-yeaar mortgage are hovering around 4 percent, while 15-year loans are at 3.25 percent. The unemployment rate continues at a steady 9 percent.

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