Refinance rates The basics
In fact, interest rates for mortgage loans are lower than they have ever been since Freddie Mac started keeping statistics on them over 35 years ago. The glut of unsold homes continues to weigh heavily on the market and many in the real estate industry are hoping the new rates will spark some movement in the housing sector. One would assume that the low rates and significant drops in home prices in many markets in the country would be enough to get people buying again. But lenders have also adopted more restrictive lending practices as a result of the credit crisis and the economic downturn. They are more risk averse and are not willing to lend as freely as they were just a few short years ago.