Idaho Market News & Blog

"The lowest mortgage rates in history are helping older borrowers ease their debt burden and allowing baby boomers to sock money away for retirement, mortgage brokers say."
Oct 19, 2012

"The lowest mortgage rates in history are helping older borrowers ease their debt burden and allowing baby boomers to sock money away for retirement, mortgage brokers say.

"I've gotten a lot of people who are not quite to retirement, but can kind of see it on the horizon," said Cheryl Mehe'ula of mortgage broker E.F. Foley in San Jose, Calif.

"They want a payment they can really live with over a longer term," Mehe'ula said.

The average rate of a 30-year fixed mortgage dropped to 3.36 percent, the lowest it has been since mortgage giant Freddie Mac began record-keeping in 1971, before rising slightly last week."


Read more here: http://www.idahostatesman.com/2012/10/18/2314505/older-homeowners-see-opportunity.html#storylink=cpy

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