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You are here: Home / Money Management / Mortgages / 30-Year Fixed-Rate Mortgage Falls

30-Year Fixed-Rate Mortgage Falls

July 8, 2010 By Sherry Tingley

Mortgage rates have fallen again to a near record low. You would think that people would be rushing out to refinance their mortgages and to some extent they have been. Applications for refinancing grew by 9.2 percent last week.

The dilemma is that people who would benefit by these lower rates are not the ones that are getting the new loans. With record unemployment rates, people have gotten into the situation where they now don’t qualify for these loans. Even if they have managed somehow to keep  current on all payments due to lenders and credit card companies, their employment history knocks them out of the game.

If you have changed professions, which many people have been forced to do, you need a two year record of proven income to be considered for refinancing. Even with record-low mortgage rates, there just aren’t a lot of qualified borrowers.

Rates From Mortgage Bankers Association

In California, one homeowner has not made a mortgage payment for seven months and has not been subject to foreclosure yet. “We have 19 million vacant housing units in the United States, and I’m afraid it’s going to put some more of them on the market,” says Ted C. Jones, chief economist for Houston-based Stewart Title.

Financial analysts predict that mortgage rates will rise soon over the next week. Mostly because they feel it really can’t go much lower.

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Filed Under: Mortgages Tagged With: money management

About Sherry Tingley

Sherry Tingley, a graduate of Brigham Young University, mother of two and an entrepreneur developed Coolchecks.net in 2007. Her site offers customers an easy way to choose checks from multiple merchant websites, giving them access to over 19,000 checking account products. She developed a personal finance blog to help others succeed in managing their personal finances and to help people take the steps necessary to start their own businesses.

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