Interest rates are at more or less all time lows when it comes to mortgage rates. It is not hard to find interest rates below 5% at most banks or lending institutions. Only a few years ago anything less than 7 or 8 percent was quite good. Now we are flooded with offers for cheap money. This can mean a lot of things. With people buying forclosed houses left and right, they’re able to get much better financing. It’s a great time to buy. Luckily, interest rates can’t go much lower than 4.5-5%. Anything lower and the banks will make up the difference by charging fees.
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