30-year fixed mortgage rates hit a record low of 4.96% as a government program to buy mortgage-backed bonds lowered borrowing costs. The Federal Reserve last week started buying $500 billion of mortgage-backed securities in the hopes that lenders will reduce the interest rates they charge.
Home prices are also falling as the median price fell 13 percent. This is the biggest drop since the Great Depression of the 1930's. Add this to the newly enacted legislation providing a tax credit of as much as $7,500 for first-time home buyers and this might be the opportunity of a lifetime.
The Mortgage Bankers Association reports that mortgage applications in the U.S. jumped in the first full week of 2009 as record-low interest rates spurred the greatest demand for home refinancing in more than five and one-half years.
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