The average 30-year fixed mortgage rate dropped to 4.71% and has set a new low for mortgage rates. This low rate has opened the door for many who were hoping to buy a home and with mortgage rates at such a low now seems to be a prime time for anyone thinking about buying a home.
However, reports are that lenders are tight when it comes to handing out loans so many are not being able to take advantage of this low 30-year fixed mortgage rate. Economists, analysts, and businessmen alike are saying the banks must being lending again for the economic improvement to continue, but banks are being careful.
One can make an argument for both sides as banks seek to cover themselves from defaulted home loans and loose lending practices were what helped usher the recession along, so being careful to who they lend to isn’t something for which a bank can be faulted.
However, with the average 30-year fixed mortgage rate being 4.71 percent it stands to reason that more people should be able to make payments since the numbers are so low. Some would-be homeowners get a mortgage they can’t possible pay over the long term due to such a high rate, but with a fixed mortgage rate at an all-time low would more lending be such a gamble?
This average 30-year fixed mortgage rate of 4.71% is said by some to be as low as mortgage rates will go and there is no way to predict how long they will stay. However, if you are thinking of purchasing a home then now is the time to look into getting a home loan because you can’t do much better as far as a mortgage rate goes.
Rather than buying a new home it might be a good idea to sort out some finances. Some might be smart to avoid a large loan altogether. This is true even witha car purchase. When looking for Oklahoma Used Trucks it might be best to consider some of the lowest prices available. Try to avoid the trucks under $1500 but there should be some deals that are under $5000 that will be helpful.