Stocks Historical Lows
Stocks Historical Lows
European Debt Crisis Brings Historic Low Interest Rates
The current debt crisis in Europe is helping to provide some relief to the devastated US housing market. This is because the debt issue has made many investors nervous about stock markets and many have turned to US Treasury Bonds, driving down their yields. These values are used to determine interest rates. The average rate for a 30 year fixed rate mortgage, the most common home loan, is 4.86 percent according to Bankrate.com. It’s the lowest it’s been in the twenty-five years the company has tracked the data. Even so called “jumbo loans”, loans for more than $417,000, are heavily discounted, with the average currently at 4.5 percent, compared to a year ago when the average jumbo loan rate was almost 6 percent.
Many economists are declaring this the best time to buy in our generation. The low rates also make this a very good time for struggling homeowners to seek refinancing, especially those who are under water on their mortgage. The government’s Home Affordability Refinance Program will help homeowners whose property value has declined substantially to get refinanced. The HARP program was scheduled to end June 30th, but was recently extended through June 2011.
Analysts are urging homeowners to move now as the lower interest rates won’t be around much longer, many predicting that rates will start moving back up as soon as the end of June. The debt crisis in Europe is not expected to scare investors from markets for much longer, and when investors pull out of Treasurys interest rates will climb. In addition the out-of-control US deficit will cause a rise in Treasury yields. We are currently in a very fortunate place. With the debt crisis in Europe driving investors into Treasurys and taking the world’s focus off of US debt, we are in the middle of a once in a lifetime opportunity for borrowers to take advantage of the historically low rates.
Well, I am off to Waynesville North Carolina to visit family. I hear the Asheville real estate market has some amazing deals out there and the same goes for the Waynesville real estate market. Maybe that’s what I need, a wonderful mountain home. Everyone have a great weekend.
Inside the News: European shares hit as Greek woes intensify
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