Obama Refinance Plan – Mortgage Rates Still Low and Tax Credits Available
Posted on | February 25, 2010 | No Comments
The Obama refinance plan was created to help all homeowners have the ability to refinance to lower mortgage rates today. At the present time mortgage rates remain very low so refinancing could save you money. If you are not looking to refinance there are tax credits available for first-time homebuyers.
For the entire year of 2010 we have seen a 30 year fixed mortgage rate between 4.7% and 5%. That has not changed as February is coming to a close as the 30 year fixed mortgage rate is around 4.85%. When looking at a chart of historical mortgage rates you can see that this is clearly very low.
If you are not looking to refinance but are still looking to take advantage of this low interest-rate environment you will want to look into the first time home buyer tax credit. This tax credit could put $8000 or $6500 in your pocket by making a new home purchase or a move-up purchase.
Pres. Obama has worked very hard to help all homeowners gain access to low rates. The Obama refinance plan should help you to get lower mortgage rates today. It is important to note that you will need a good credit score and equity in your home to take advantage of these low rates.
Author: Alan Lake
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