Over at Bankrate.com, another record low interest rate benchmark was set this week. It's the lowest in their 25 year tracking history. The benchmark 30-year fixed-rate mortgage fell 6 basis points this week, to 4.53 percent.
83% of recent mortgage applications are for refinancing. The question is if these record low rates will motivate some to buy in the midst of current uncertainty.
It might take a change in direction of rates as its seems people keep thinking rates are going to drop further. If things start going up people might feel they are missing out.
It seems that interest rates just ticked up, so we’ll see if it gets some people off the fence. Thanks for the comment.