Because of the continuing weak housing market, and general economic status of America, couple with fears of major governments like Greece defaulting, the mortgage rates are staying in a suppressed state.
And here’s the hard thing, bad news perpetuates bad news. And while we are in a state of not wanting to be the first guy to make a move and get out there and buy, someone has to, or this market is never going to get going again. If you are waiting for a better time to buy a house, there may not be one. Rates this low combined with extremely low priced homes equates to an amazing opportunity for those who choose to seize it.