Imagine a 30-year mortgage on which you only pay 2.8 percent in interest a year.
Such a mortgage could already exist, but something in the banking system is holding it back. And right now, few agree on what that “something” is.
Right now, borrowers are paying around 3.55 percent for a 30-year fixed rate mortgage that qualifies for a government guarantee of repayment. That’s down from 4.1 percent a year ago, and 5.06 percent three years ago. Read more