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Mortgage rates hit record lows

By NICOLE HART

ROME, N.Y. (WKTV) - Mortgage rates have hit a record low, down to 2.94 percent for a 15 year and a 30 year rate is now under 4 percent at 3.67 percent.

What does this mean for our area?

"The good thing in our market is that values have remained pretty consistent. We never saw the big ups and we haven't seen the big downs as far as values go. And with rates as low as they are, it's a prime opportunity. You can buy a lot more house at 3.5 then you can if it were a 5 or a 6." said Ronald Gurrieri, a loan officer at Syracuse Securities Real Estate Financing in Rome.

He also says, there aren't as many people re-financing now, at this all time low, because they already did, when it hit four percent.

"The numbers are staying the same. Our purchase market is a lot more active than it has been the last 4 years. If we talk to attorneys and realtors, they've closed more deals from January until now, then they did all of last year."

Guerrieri thinks the numbers will fall again, before they will start to rise. He says they can only fall so much before they hit rock bottom. When they do fall, he says re-financing will soar.

"I think we're going to continue to see that. You have some economists on Wall Street saying they can see the tenure, which drives the interest rates, dropping to as low as 1%. From the 1.6% now. And we'll see a re-finance boom like we haven't seen in a long time."

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