Mortgage Rates Continue to Drop; Who is it Helping?

Rates on 30-year fixed-rate mortgages have dropped more than a percentage point since the end of the recession in June 2009 (did it really end?), averaging 4.37% last week, according to Freddie Mac's weekly survey. Since 1975, fixed-rate mortgage rates have fallen over the 12 months following every recession, with the exception of the 1980 downturn, Freddie Mac chief economist Frank Nothaft said. How far will rates drop? According to MarketWatch they could drop lower than 4% to help get more buyers in the market, however not too many people are able to take advantage of these historically low rates, if they can qualify for a mortgage at all, because they lack the necessary income and sufficent credit scores.