No callers on Low rates

We are having the lowest rate on mortgages on record but nobody is coming to get advantage of it. Why is that? Because the rate has been low for quite sometime and people who want to refinance have already refinanced their mortgages (I included) and unless the rates go down to three percent (highly unlikely but you never know), there will be less refinancing to do. Furthermore the costs of refinancing like taking on additional closing costs, setting yourself back a few thousands and stringent requirements isn’t worth the cost or hassle. In addition to that people’s home have less equity or even negative equity which makes the homeowner less willing to refinance and banks less willing to extend loans.

In addition, people who want to buy homes have to go through a lot of hoops in order to get loans and they have less money to have a down payment. It is such an irony that the rates are lowest in history but the loans are not there anymore, your credit rating counts little if you don’t have enough down payment and more steady income. I really love real estate, but again not enough money on hand and scared about the future job market restricts me from pursuing to buy more real estate (especially in the less populated areas of south, northeast and north west). So unless the job market improves, people will be on the sidelines before they start to put money in their biggest investment.