30 year fixed loan averaging 4.87 %
By: Brian Pane
Due to growing concern regarding the European debt crisis, mortgage rates are lowest they’ve been in 30 years.
“It’s the best time in our generation to buy,” says Mark Zandi, chief economist at Moody’s. “It may be the best time in any generation. Mortgage rates are so low and with homes prices down and lots of inventory, you couldn’t pick a better time to buy or re-finance.”
Even those looking for jumbo loan rates over $417,000 have fallen to an average of 4.5%, down from 6% at this time last year.
Whether you want to refinance or sell, homeowners need to move fast.
“I think they won’t last much longer than a month or two at the best,” says Lawrence Yun, chief economist at the National Association of Realtors. “I can see them going up to 5.5 percent by the end of June if not sooner.”
Yun predicts that growing worries over Europe’s financial security will soon fade and investors will look to acquire equities outside the states.
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