Mortgages rates in the US continue to hover near all time lows.
But this doesn't mean they will continue to stay low. Deflation is continuing to spread because of oil prices. These deflationary concerns are the focus of today's Fed meeting, as it debates when to begin increasing interest rates. 
The general consensus among analysts, is not today, but very likely to be by late spring 2015.
Interest Rates Worldwide
Yesterday Russia tried stabalizing the Ruble by increasing rates 6.50% in one swoop overnight to a whopping 17% after shockwaves from collapsing oil prices killed currencies tied to commodity prices.
Is this a sign of things to come? It might appear so. While consumers love the new low gas prices, the economic ripple effect is unknown. - but very scary.
Incentive to Buy
November housing reports were fairly flat, mostly attributed to little to no incentive to buy a home. I couldn't disagree more.
Home prices, combined with low mortgage interest rates, make housing affordability prime for most first time home buyers and home up buyers. Low interest rates that have lasted years have lulled people into a false sense that mortgage interest rates are always this low.
I bought my first home in 1981. I paid 16% for an FHA 30-year fixed mortgage. I doubt that is coming back anytime soon, but I suggest that anyone even remotely thinking about buying a home is probably very wise to get off the fence and act TODAY.
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(C) 2014 - Joe Metzler. NMLS 274132. Senior Loan Officer with Mortgages Unlimited in St Paul, MInneapolis, MN. Lending for properties located in MN, WI, and SD.
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