The average rate on the 30-year fixed mortgage fell to the lowest rate ever, 3.94 percent, the Associated Press reported on October 6, 2011. The average rate on a 15-year fixed loan dropped to 3.26 percent, also a record. The AP also noted that mortgage rates could fall even further with the Federal Reserve’s plans to reshuffle its portfolio of securities to try and lower long-term rates.
While the record low rates represent “an extraordinary opportunity to buy or refinance” for those who qualify, the AP cited high unemployment, scant wage gains and heavy debt loads as factors preventing many people from buying and why this year could be among the worst for sales of previously occupied homes in 14 years. Furthermore, homeowners with solid jobs and firm finances have already refinanced over the past year, which is why experts told the AP that rates would need to fall at least a full percentage point before it makes sense to refinance again.
Are you finding yourself frustrated because you cannot take advantage of record low fixed mortgage rates? Are you trapped with a mortgage payment that you wish could be lower? Our Chicago bankruptcy lawyers can help you end debt collector harassment by filing for Chapter 7 or Chapter 13 bankruptcy. If you are ready to start on a bankruptcy means test and get deserved relief today, our firm can offer the foreclosure help you have been seeking. Did you try to refinance only to get rejected? Our Chicago bankruptcy attorneys want to hear from you. Tell us about your experience.