May saw a week jobs report and as a result it is unlikely the Fed will raise interest rates in June which means home owners have another opportunity to refinance their homes. TheStreet staffer Ellen Chang reports on the way that this bodes well for consumers including those looking to purchase homes, refinance a current mortgage, or pay down their current debt with zero or low interest rate balance transfer offers.

Potential home owners can take advantage of low rates if they fit the stringent standards according to Jonathan Smoke, chief economist for Realtor. com:

"The lower rates translate into increased buying power, but the downside is that credit access has actually deteriorated as rates have fallen this year, Smoke said. "So ironically, fewer people can take advantage of the historically low rates as lenders have fewer margins and are more risk averse," he said.

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