Mortgage Refinance Rates Becoming Very Attractive

Posted on | July 10, 2009 | No Comments

Mortgage refinance rates are becoming very attractive now that average mortgage rates are working their way back towards 5%.  Many home owners who had the desire to refinance at low mortgage rates were shaken by the run up that occurred in Late May and early June.  Interest rates are trended lower since then, but very few borrowers wanted to take a risk of rates bouncing again so they neglected filling out a mortgage application.  Now the the government is willing to push mortgage interest rates lower, we should see a swell in mortgage applications.

I will be very interested to see the data next week when the amount of mortgage applications do come in.  I would think that we will see a huge number as mortgage interest rates have decreased quite a bit in one week alone.  If you have been considering getting a refinance and have been pushed away by volatile mortgage rates, now might be the time to test the waters.  The Federal Reserve Bank has made it evident that they are going to do what it takes to cap interest rates, so why not take advantage of this great opportunity.

I know many of you will ask if it is smart to wait since rates are going to drop.  Well, if now is a time in your life where you have the ability to refinance, I wouldn’t wait much longer.  How many people can say that they have a mortgage rate around 5%?  There are a lot of steps when it comes to refinance, but President Obama is working hard to make sure that you get the lowest rate possible.  Use the resources you have and see what kind of interest rate you can refinance out; it never hurts to try!

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