Obama Refinance Plan – Refinance Rates Very Close to All Time Low?
Posted on | November 18, 2009 | No Comments
The Obama refinance plan was created to help you lower your monthly mortgage payment. President Obama’s intention was to allow all home owners to have access to lower interest rates which will decrease their monthly mortgage payments. With lower monthly mortgage payments Americans should be able to avoid foreclosure and stay in their homes.
With mortgage interest rates well below 4.75% many home owners stand to benefit by going through the refinance process. If you can save a full percentage point on your home mortgage then it would be well worth it for you to get your loan refinanced. If you cannot save a full percentage point then you will probably end up paying more in fees than you would save in monthly payments.
There are many mortgage lenders out there who are advertising extremely low mortgage interest rates so it is up to you to get out there and take advantage of this time. President Obama and Ben Bernanke have worked very hard to keep interest rates low so do not let this opportunity pass you by.
THe all time low for mortgage interest rates is approximately 4.61%. This all time low is a weekly average so any daily dip below this level does not mean that we have hit an all time low. If we do see a weekly average below this level then there is little doubt that this will be the headline of all many news sources.
It would be very risky to continue to wait and hope that mortgage rates hit an all time low. Refinancing under 4.75% is a gift that keeps on giving. It is likely that you will end up savings hundreds of dollar a month if you refinance at these low rates. There is no reason that you should not pursue a low mortgage interest rate to help your financial position.
If the current economy and your financial struggles have gotten you down make sure to check out the inspirational blog My Life After Retail. The blog is an account of the journey to find peace of mind and happiness in today’s society.
Author: Alan Lake
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