San Francisco, CA -- (SBWIRE) -- 04/15/2013 -- Borrowing costs have long been an issue for those looking for a home mortgage or refinance. However, due to this week’s mortgage rate tumble, consumers are presented with near-historical percentages and an undeniable opportunity. Indeed, the weeks to come will be ideal to refinance or purchase a home. According to Freddie Mac (FMCC), 30-year fixed home mortgages plummeted to 3.43 percent, with the average 15-year rate down to 2.65 percent.

This decline in rates was accredited to a weak unemployment report in March. Understandably, an unemployed economy prompts would-be homebuyers to hesitate when faced with purchasing a home. This leads to a significant loss of income for mortgage lenders and potential loan application agencies. This, in turn, leads to the lowering of mortgage rates with the hope that consumers resume home purchasing.

In short, now is the perfect time to make that home purchase or refinance. Most lenders are offering extremely good rates and loan packages. The only catch is that not everyone can qualify, so, make sure your credit is clean and your income documents are in line. Consumers can use innovative tools by simply entering their zipcode and credit profile to see their estimated refinance or purchase rates. This week’s rates will appear quite appetizing, even for those on a tight budget. In the end, Basil Barouki recommends that mortgage shoppers take advantage of both today’s low rates and their convenient online tools to buy the home they need. For more information about Basil Barouki, visit http://basilbarouki1.com/.