For home loan borrowers, these record low rates on Massachusetts mortgages have been a Godsend. Many homeowners have been able to secure a lower rate, which will allow them to pay off their loans much faster than they would have been able to, otherwise. Thirty-year mortgages will now be able to be repaid in half the time. With such historically low rates, people are able to spend more of their earnings as they choose rather than having to pay off massive home loan debts.

In fact, these low interest rates have been just about the only good thing to come as a result of the poor economy. Sure, the people who are investing in the housing market have not benefited much—if at all—because of the low rates. But they have helped out some mortgage borrowers, at least.

The low rates have been encouraging many people to apply for loans, which undoubtedly has helped the housing market. But this is a buyer's market. By far the people who are benefiting the most from the current circumstances are the people who are looking to purchase. This period of low rates has led many people who are selling their homes to lose money.

The low rates on Massachusetts mortgage have been going on for more than a year. Many financial advisors are encouraging their clients to lock in these low interest levels now, while they are still so low. But that is just the question—how much longer are these rates going to stay so low?

There are several factors at play that are influencing the rates:

• By far the most significant aspect that is manipulating the mortgage rates is the current economic climate. Investors are hesitant, companies are not hiring, and the jobless numbers only keep climbing. A bear market like the one that we are witnessing now will keep the interest rates on mortgages low in an effort to stimulate the housing market.
• The rate of inflation of the dollar also influences the interest rates. Inflation is the devaluation of the dollar, and it happens when the Fed prints more money. When there are more dollars in circulation, they are worth less. Therefore, you will need more of them to pay for things like, groceries, gasoline, and mortgage payments. Rates are low because inflation is low. When inflation rises, so will the interest rates.
• The crisis in the Eurozone has a huge impact on everything, not just the interest rates. It is the European debt crisis that has many investors on the fence, and it is also the reason the economic outlook here in the United States is so gloomy. The massive debts that have been created by irresponsible European nations Greece and Spain have put the European central bank in quite the pickle. So dire is the situation that European leaders have been meeting for months to come up with a plan to save their monetary unit, the euro. Further decline of the situation could send the global economy into a depression.

In order to ensure that you get the lowest rate on your mortgage, talk with your financial advisor about locking in as soon as possible—nobody knows how long these low mortgage rates will last.