As many of you already know, mortgage rate trends have been pointing to lower long term rates for quite some time now.? There are going to be many bounces along the way, just like in the last two weeks but until the housing market finds its footing overall trends are pointing down.? This week the Freddie Mac mortgage survey came in at 4.82% which is .01% lower than I predicted on Monday.

Many have called for a housing market bottom for the last several months but that has just not happened.? In most markets, it is getting very difficult to unload a home.? Even in the strong markets of Raleigh and Charlotte, NC it is getting scary out there.? I have many friends who have attempted to sell homes in these markets will little luck.? Many of them are taking steep losses just to get out of the area.

Unemployment is ultimately going to determine when this housing market hits a bottom.? If individuals cannot keep their job or get a new job, how on earth are they going to be able to make a mortgage payment.? There have been some glimmers of hope that the economy is getting better, but until we start to see jobs being created we will see struggles; private job creation, not government jobs.

It looks as if mortgage rates are going to continue lower as jobs are just not being created.? If you are one of the lucky individuals who has a job and a chance to refinance or get a new home, right now might just be the time to do that.? The only problem that may arise is the fact that you may lose a significant amount of value in your home during the first few months you own it.

If you plan on living in your home for quite a long period of time then you should not worry about this initial decline in home value.? Buying and holding onto a home right now might be the best investment of your life but it is going to take SEVERAL years before you actually get the oppotunity to sell at a might higher price.? The luxury will be the fact that you get to live and grow in the home.

For those who have been smart with their money, now is the time to get out there and take advantage of historically low mortgage and refinance rates.? Overall mortgage rate trends are heading down and you have a chance to look in at the lowest rate in history.? Just be aware that your home value might decline in the beginning but it is a long term investment.