Mortgage Rates at New Lows, Thanks to Europe's Debt Crisis

Here's some good news for the struggling US housing market: Thanks to the European debt crisis, mortgage rates are at historic lows.

Anyone that firmly believes this is European debt problem is in for a rude awakening. Once the derivative Monster finishes battling the PIIGs in Europe it will do battle with those remaining in the West. It's only a matter of time before the Monster grapples with the U.S. dollar since this is an international debt crisis. This means that it includes the United States. Any boost to mortgage rates over the short-term will be immaterial when the Monster attacks California, Michigan, Illinois, and New York, etc.

Source: finance.yahoo.com