Mortgage rates have sunk to the lowest level in more than 5 decades, but consumers aren’t rushing to refinance their loans or buy homes according to MSNBC.com and the Associated Press. The mortgage company Freddie Mac quoted an average rate of 4.58% on a 30 year loan.
Despite this great news, it is very uncertain whether or not these low rates will push more Buyers off the fence. Many of the refinance candidates who would take advantage of these low rates have already refinanced or they owe more on their homes that what they are worth. Pockets of refinance activity are expected as opposed to an overall wave.