The US has been seeing a steady decline in the house mortgage rates for longer duration in the last few months. The 30 year loan rates have crashed from 5.1% to less than 4.45% in recent weeks. The key reason behind the crash in rates is the uncertain economic outlook, which in turn is pulling down the demand for mortgage loans.

Also the high rate of unemployment and the continuing increase in the sale of seized homes in the market, are forcing people to postpone their home purchase. This problem is only going to compound things for the US economy as a whole, and that in turn could spell disaster for the whole world.

The US mortgage rates are expected to remain low for many more months to come, as unemployment problem does not seem to be going off any soon.