Mortgage rates are down...again - WALB.com, Albany News, Weather, Sports

Mortgage rates are down...again

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If you look carefully you can see tow For Sale signs on this street in northwest Albany. If you look carefully you can see tow For Sale signs on this street in northwest Albany.
Real Estate guides sit in the lobby at Heritage Bank in Albany.  Loans from banks are still possible, although the terms have changed in recent years. Real Estate guides sit in the lobby at Heritage Bank in Albany. Loans from banks are still possible, although the terms have changed in recent years.
You can pick up info on this house in Albany.  It's one of several on sale in the Palmyra Park area. You can pick up info on this house in Albany. It's one of several on sale in the Palmyra Park area.
Customers wait in line at Heritage Bank in Albany.  Mortgage rates from banks are at all time lows. Customers wait in line at Heritage Bank in Albany. Mortgage rates from banks are at all time lows.
Another For Sale sign in Albany.  The housing market in the city is not well - as it is in other places. Another For Sale sign in Albany. The housing market in the city is not well - as it is in other places.

History-making interest rates are now available on home loans.

The rate on a 30 year fixed mortgage fell to 3.94 percent this week.

Mortgage rates are closely tied to Treasury yield rates, which are down because of the uncertainty about the U.S. economy.

One of the effects of the housing bubble bursting was a tightening of the rules for lending. But mortgage loan officers say that potential home buyers can still get the money that they need to get a new home.

Deborah Sutton, a Mortgage Loan Officer at Heritage Bank said, "there are still programs out there depending on income, depending on location, depending on house price that people can qualify for. Some of them are 100 per cent financing, some of them are 3.5 per cent down payments."

Sutton says that even people who don't qualify for government backed programs but have good credit can get loans for 95 percent of the home's value from some banks.

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