There’s has been a spate of lenders advertising the lowest mortgage rates in 50 years, yet it seems that very few people are actually receiving them, even those with excellent credit. Apparently lenders are not all that anxious to lend at rock bottom rates except to borrowers with “pristine” credit. Coming off of a couple of bad years, lenders are more interested in increasing their profit margins at this stage. According to mortgage analysts, demand is fairly steady yet the competition isn’t as fierce as it once was, so lenders don’t feel compelled to lower their rates.
The analysts expect rates to remain low for at least the near term, so, if you have excellent credit, their best advice is to get your best offer from a lender then shop it around.