MarketWatch reports that as stock market selloffs, fears of another world-wide economic slowdown, and perhaps an Ebola scare, mortgage rates have fallen to 2.55 percent, lowest levels in more than a year.
But MarketWatch personal finance reporter Daniel Goldstein argues that the low rates won’t last long, which means only borrowers with rock-solid credit will be able to take advantage. A mortgage broker at Cornerstone First Financial in Washington D.C. projects that the rates could be up as much as a point within a year, especially as the Fed cuts off its purchases of mortgage backed securities.
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