The talk of the financial industry has been the drop in mortgage interest rates in the last few days of July 2015. On the first business day of August 2015 average 30 year fixed mortgage rates are under 4%. The reason for this has been the drop in the 10 year treasury rate yield over the last week. The 10 year yield reached 2.5% in late June and has since dropped below its 50 day moving average to 2.196%. Note that the 200 day moving average should hold as support at 2.14%.
In the next few weeks millions of Americans will look at home buying opportunities as the kids are going back to school in late August or early September. Most major purchase decisions are made based on children and their education. With this in mind, it will not come as a surprise is mortgage application increase over the next few weeks. Instead of sitting around on the sidelines and allowing mortgage rates to hit a support level and bounce higher many fiscally smart home owners and first time home buyers will lock into these low mortgage rates.
With FHA home loans an option for those that do not have a large down payment almost anyone with a full time job can get into a home mortgage in August 2015. Note that lenders and banks require more documentation today than in 2006 and 2007 but a full time job with some credit history will allow most to make a home purchase. With many valuable resources available for free online there is no reason to go into the home buying process uneducated. Almost every mortgage broker in America has a blog that will explain how you can lock in to some of the best mortgage interest rates at the present time.
There are other websites like Zillow and BankRate that will also help buyers better understand what interest rates are available in their particular area. Note that a mortgage broker is able to get interest rate quotes from many mortgage lenders which means it is a great choice for those that are busy and do not have the time to shop around.