The recent drop in mortgage rates is expected to help boost job creation in the banking sector.
In Iowa, Wells Fargo said it can not hire lending services workers fast enough to keep up with the demand in the housing market, according to KCCI News.
Wells Fargo Des Moines branch manager Craig Hatler told the news agency the company is looking to hire hundreds of lending services professionals nationwide to keep up the onslaught of new customers.
"It's hard to predict where rates are going to be in the future. With what's going on in the world and what's going on on a national level, we really anticipate rates to stay in the very affordable range for the upcoming future," Hatler noted.
Meanwhile, the chief economist at Freddie Mac, Frank E. Nothaft told the New York Times that a proposed plan by the Obama Administration to offer lower mortgage rates to borrowers with bad credit could be key with regard to the president's jobs plan.
Administration officials have unveiled a number of proposals to change the way homeowners currently refinance their mortgage, including a recommendation for a government takeover of lending giants Fannie Mae and Freddie Mac.