The Massachusetts Mortgage Blog

On a Micro level, to paraphrase, all economics are local and therefore any savings realized by a consumer will likely help their pocketbook and spur savings or help meet obligations. This is great for the homeowner that can save $100 or more a month and not back up their loan term.

On a Macro level, interest rates are low because the economy is still in a very fragile state, unemployment is exceedingly high and under-employment is out of site. Home values are still very low and the despite goverment efforts, many consumers who would benefit from refinancing to a lower rate or payment, are unable to do so.