The Fed drives down the mortgage rates. They fell to historic lows on Thursday after the Federal Reserve's sudden decision to print $1.2 trillion and pump it into the economy. This move also triggered warning signs of inflation. We now have a weaker dollar and the highest oil prices of the year. We just can't keep printing money without any backing behind it. Now wonder the price of gold is shooting up.
The national average rate on a 30-year, fixed rate mortgage fell to 4.94 percent, down nearly a quarter of a percentage point from a day earlier. This was according to financial publisher HSH Associates. Since 1979,when the publisher first began keeping records, this was the first time the average had fallen below 5 percent.
Even with this, mortgages were not being given out freely. Lenders remain extremely strict about who qualifies. One mortgage broker in North Carolina, said the real storyy was that the low rates are only available to solid gold borrowers.
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