30-year-mortgage rates slide to their lowest level on record

I'm sure you have read all over about falling interests such as the Washington Post saying "The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent this week, pushed down by an aggressive government campaign to reduce borrowing costs."

But despite the news, the question still remains...WHAT DOES IT MEAN FOR YOU?

For first-time homebuyers, this is a dream come true as low interest rates mean you can afford more home than before.

For existing homebuyers, this is also a dream come true as low interest rates mean you refinance your existing home to take advantage of the savings.

For commercial retailers, this means the interest on loans will be lower and less expensive.

For home sellers, this is also good news because there will be more homebuyers in the market increasing sales in the otherwise winter slow-down period of the market.

This move by the Federal Reserves will help stimulate the market.