Mortgage rates continue to be at extremely low levels. After taking inflation into account, the cost of borrowing money is almost zero, making it an opportune time to finance the purchase of a home or refinance a mortgage. Despite this situation, mortgage applications dropped 12.8 percent last week according to the Mortgage Bankers Association. Lenders are maintaining very strict qualification requirements, something that effects small-business owners directly. Self-employed individuals and others who are not employees of a company but instead are owners or independent contractors face more stringent qualification requirements. The average rates on a 30-year fixed-rate mortgage ranges from 3.32 percent to 3.77 percent depending on size of the loan and whether or not it has an FHA guarantee.
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