One of the Top Reasons Why the Economy Will Bounce Back in 2011
Falling mortgage ratesIf there's anything falling as fast as energy prices it's mortgage rates. Rates for a 30-year, fixed-rate mortgage fell to a low, low 5.19% last week thanks to the Federal Reserve's pledged efforts to purchase mortgage securities.
That should help housing affordability and the ability of current homeowners to refinance their mortgages.
And even more good news could be on the way if you don't mind Uncle Sam borrowing billions more for yet another bailout: The Treasury Department is reportedly considering a plan to push mortgage rates as low as 4.5% for new home buyers and, perhaps, even for current homeowners who want to refinance.