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.
House votes to extend First Time homebuyer credit closing date
So, after about 14 phone calls to my Congressman, the House Majority Leader’s office, the Clerk of the House of Representative’s office, they finally listened. The House of Representatives has voted to extend the closing date for the first time home buyer tax credit until Setpember 30, 2010.