While jumbo mortgage rates don’t *exactly* follow other mortgage rates, there is a correlation between conforming mortgage rates and jumbo mortgage rates.
And according to the AP, conforming mortgage rates are the lowest they have been on record since they started keeping track in 1971.
Even though mortgage rates are low, it hasn’t triggered a home buying frenzy because many people are still “stuck” in their home – where they owe more than their home is currently worth. And still more people are battling unemployment or have went through a short sale or foreclosure and as a result have bad credit.
But if you find yourself in a situation where you have a job, have good credit and are looking to buy or refinance a home…
There has never been a better time.
Well, not since 1971 at least.
