PALM BEACH GARDENS — Every time it seems like mortgage rates can’t do the limbo any lower, they do.
The question is how many borrowers are in a position to join the party.
Average interest rates fell to new historic lows, mortgage buyer Freddie Mac reported Thursday — 3.56 percent for 30-year fixed rates and 2.86 percent for 15 years.
“I’ve been in the finance business one way or another since 1974,†said John Little, president of Clear Lake Mortgage Corp. in Palm Beach Gardens. “I have never seen it like this. Unbelievable.â€
Yet for most lenders, the incredible shrinking rates are not producing an avalanche of would-be borrowers.
