My little discussion forum on loans
The end of March, consumers were delighted to see the interest rate for the average home mortgage still at historically low levels. The Federal Reserve made a decision to keep rates low and many analysts expect them to stay fairly low for the remainder of 2009. Given the shaky state of the economy and the increase in unemployment, low rates have been the one shining light for those considering buying a new home with a home mortgage and, particularly, for those wishing to refinance. The one hiccup for some borrowers has been the tighter standards lenders now have in place. A better credit score, cleaner credit history and more money down are now required for most loans.