Obama Refinance Plan – Save with Lower Interest Refinance Rates in January
Posted on | January 14, 2010 | No Comments
The Obama refinance plan was created to help you save with lower refinance interest rates. If you are looking to refinance in January there are several opportunities available. Many mortgage lenders are currently advertising the 30 year fixed mortgage interest rate below 5%. If you are looking to refinance to a fixed rate then you might want to do your research today.
Pres. Obama and his staff have worked very hard to keep interest rates low for an extended period of time. Along with the Federal Reserve Bank, Pres. Obama and his staff continue to take the necessary steps to allow homeowners to refinance to low mortgage interest rates. Make sure to take advantage of this opportunity as it is not likely to last much longer.
At the end of March of 2010 the Federal Reserve Bank is going to stop purchasing mortgage-backed securities. One of the main reasons we have seen interest rates low for an extended period of time is the purchase program that the Fed has taken part in. When this program stops you can be assured that mortgage rates will likely raise .5% to 1%.
You do not want to be sitting on the sidelines while mortgage rates are starting to move up. If you continue to wait to submit your refinance application you could watch mortgage rates move all the way up to 6% before you know it. Some analysts have actually predicted that mortgage rates are going to move as high as 7.5% or 8%.
Pres. Obama is going to continue to analyze the current economy and decide what is best for the common people. At the present time the economy looks like it is recovering and if this is the case then you can be rest assured that interest rates will rise in the near future. This means that you should probably take action on getting a refinance today.
Author: Heather Best
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