Mortgage rates are at the lowest point they have been in five decades.

The national average is 4.57% for a 30 year fixed conventional loan.

MSNBC reports that:

Rates have fallen over the past two months. Investors, concerned with the European debt crisis, have poured money into the safety of Treasury bonds. Treasury yields have fallen and so have mortgage rates, which tend to track yields on long-term Treasurys.

Though the rates are very low, many people have already taken advantage of the low rates that have been in place for months now. These rates also don’t include add on fees, which Freddie Mac reports right now theirs are averaging about 0.7% of the loan amount.

Others are not refinancing due to the fact that they actually cannot. They have less equity in their home than is on their current mortgage, and do not have the money to make up the difference. So despite the possible lower payments, these distressed people cannot take advantage of the historically low rates.

Many Baltimore homeowners are in the same situation, putting them at risk for a short sale if they need to sell.

People who have been on the fence about buying a home should consider the moment to be now. With rates this low, plus Baltimore home prices being so low, there has rarely been a better time to buy!

If you are ready to buy a Baltimore home, contact me today to take advantage of these incredible low interest rates.