Real Estate Weekly: Mortgage rates are low, but do you qualify?
By MarketWatch
Don?t miss these top stories:
If you?re in the market for a mortgage, you could be in for a very low rate.
According to Freddie Mac?s weekly survey, rates on 15-year fixed-rate mortgages as well as 5- and 1-year adjustable-rate mortgages hit record lows this week. The 30-year fixed-rate mortgage hit its lowest level for 2011.
For homeowners interested in refinancing, the problem is ? and has been for awhile ? that while mortgage rates are extremely low, both the borrower and the property must qualify. And with many homes losing value in recent years, qualifying for the best rates has become a challenge for homeowners in most parts of the country.
Read more real estate news in this week?s pages, including the latest on mortgage rates and a Home Economics column on why the refinancing window is reopening for a lucky group. Also, read a Realty Q&A about what to look for when you?re walking through a model home, and view a slideshow of college towns that may appeal to investors.
And if you think you might benefit from a refinance, make a couple calls to lenders to see if you qualify. Low rates will only be around for so long.
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Amy Hoak
, Real Estate writer
Mortgage rates fall on European debt fears
Mortgage rates hit new lows this week, as worries about European debt markets drove investors to U.S. Treasurys, Freddie Mac?s chief economist said on Thursday.
Read more: Mortgage rates fall on European debt fears.
Refinancing window reopens for some
Falling mortgage rates are opening a new window for borrowers who missed their opportunity to refinance last year when rates hit similar lows.
Read more: Refinancing window reopens for some.
View model homes with a critical eye
I always have hated model homes, preferring empty space into which I can mentally project my furnishings, those already owned or which I need to buy. The interior design of a model is never anything like the cost-aware bohemian functional way I do things.
Read more: View model homes with a critical eye.
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