A brainstorm about loans
Interest rates are at the lowest point since the 1970s and, if Republicans have their way, they will drop even more. The average fixed home mortgage rate for a 15 years was well below 5 percent the second month of 2009. Those who support the plan believe the lower interest rates will encourage buyers to jump into the market, while freeing up extra monthly savings for them to spend elsewhere. They feel that lower home mortgage rates will help reduce the current glut of unsold homes. According to a major real estate association, half a million sales can be sparked by just a one point home mortgage interest rate decrease.