Mortgage rates at 50 year low
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|Tue, 05-25-2010 - 8:29am|
Anyone considering refinancing their home mortgage?
Today mortgage interest rates are near the lowest level in 50 years . At the same time, existing home sales today showed a big jump in sales.
Last month real estate sales jumped 7.5 percent, while mortgage rate plunged.So is it time to buy a house?
As it turns out, the financial trouble in Europe the past few weeks, caused by worries about the ability of certain countries to pay off their debts, is pushing investors to put their money into comparatively safe U.S. Treasury Bonds.
Basically, investors think America is better positioned to pay back its debts over time than European countries. Since the rates on those bonds, which drop as the need to entice investors to buy our debt drops, are connected to mortgage rates, those drop at the same time.