A notion has developed that the American dream of homeownership is slipping out of reach, but with mortgage rates lower than they have ever been, Uncle Sam is doing what he can to keep the dream alive for low-income families.
El Segundo, CA (PRWEB) April 27, 2013
With record-low mortgage rates at such affordable levels, now is an opportune time for prospective buyers to finance a home purchase. To help consumers take the leap into homeownership, GoBankingRates has created a guide to finding the best mortgage rates today for borrowers with low income.
According to Zillow.com, current average mortgage rates in the U.S. for a 30-year fixed mortgage loan are at a low 3.29%, and home loan rates are expected to remain at this level through mid-2015, according to the Federal Reserve.
In fact, in an interview with ABC News, chief economist with Raymond James, Scott Brown, said “The idea is that you want to encourage more economic activity. Having low interest rates, consumers are more likely to be able to borrow, take risks and to make car and home purchases.”
Consumers can use the helpful tips included in the GoBankingRates guide to identify mortgage assistance options that fit their financial needs, which includes additional information regarding low-income home-buying programs.
“A notion has developed that the American dream of homeownership is slipping out of reach, especially after the recession,” says Jennifer Calonia, editor of GoBankingRates, “but with mortgage rates lower than they have ever been, Uncle Sam is doing what he can to keep the dream alive for low-income families.”
For questions about this report or to schedule an interview with a GoBankingRates editor, please use the contact information below.
GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. GoBankingRates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.
Jaime Catmull, Director of Public Relations
ABC News, Federal Reserve Expects to Keep Interest Rates Low Through Mid- 2015, September 2012.
Zillow, Mortgage Rate Trends, April 2013.