37 year low for mortgage rates.

[flippinout]

It has been stated that rates on 30 year fixed mortgages have dropped to the lowest in 37 years.

The Federal Reserve has promised to pour money into the mortgage market to try to get it on its feet again.

This rate, according to Freddie Mac is the lowest rate since April of 1971.

People with adjustable rate mortgages are looking to get into a 30 year fixed rate mortgage, but only the people with the best credit will be able to get them.

Mortgage applications jumped last week as borrowers are looking to borrow at the lower rates. But as was stated earlier, only borrowers with the very best credit ratings will be able to obtain these mortgages.