Refinance Home Loan Rates – Lower Mortgage Rates Coming in January?
Posted on | December 18, 2009 | No Comments
Refinance home loan rates have been very low when looking at a historical chart of mortgage rates. Many homeowners and future homeowners would like to know if there are lower mortgage rates coming in January. No one knows the answer to this but the government is working very hard to keep interest rates low to allow you to lower your monthly mortgage payments. The Federal Reserve has been buying back mortgage-backed securities which is forcing mortgage rates lower.
Pres. Obama and his staff knew that there was a huge problem in the housing market when he came into office. One of the ways that he wanted to combat this problem was to keep mortgage rates low. Since he has come into office the average 30 year fixed mortgage rate has been well below 5%. This has been the lowest extended period of time in which mortgage rates have been this low in the history of the United States.
There is no reason that you should not take advantage of this opportunity and at least look into the refinancing process. Even if you have no desire to refinance at the present time it might still behoove you to at least do a little bit of research and see what your options are. You might find that you can get a mortgage interest rate that is several percentage points lower than the current one you have.
If this is the case then you are likely to save several hundred dollars a month on your monthly mortgage payment. This money could go towards other needs like paying off other debts or even going into your savings or retirement account. Do not let this extra money sit on the table as refinance rates are not likely to stay this low throughout the entire year of 2010.
If you decide that refinancing is right for you there many lenders available at the present time. By simply doing some google searches you are going to find many lenders who are advertising mortgage rates well below 5%. It might be a good idea to contact a few of these lenders and see what your options are.
Author: Alan Lake
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