Mortgage rates are approaching an all-time low, with rates on a 30-year loan dipping to 3.32 percent and a 15-year one dropping to 2.66 percent, according to New Penn Financial.
Bob Johnson, Head of Capital Markets at New Penn Financial says that, “It’s now possible to purchase a first home or to refinance at record low mortgage rates – even if your home has severely depreciated in value.”
Government policy now also makes it easier for homeowners and potential homeowners to restructure their loans, with President Obama’s Home Affordable Refinance Program enabling homeowners “who owe more than their home is worth to refinance into an affordable, more stable mortgage.”
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