The last time home loan rates were lower was the 1950s, when most mortgages lasted just 20 or 25 years.
That’s amazing. But here’s the part I find difficult to believe.
Rates could go lower and still not budge the housing market, analysts say. That’s because a person without a job can’t afford a home and a person worried about losing their job is unlikely to do so either.
Sure, they could go lower but I’ve not read many analysts who believe they will. Even still, anything is possible.
The main thing is to take the time and compare your current mortgage rates with what the rates that are now available (remember to include closing costs) and see if it makes financial sense for you to either buy another home or refinance.