Historic Low Refinance Mortgage Rates – One Benefit of a Sluggish Economy
The US economy has seen better days, and to say that our country is in a bit of an economic slump would be an understatement. The jobs picture is as bad as we have encountered in quite some time, with no relief projected for the immediate future.
In fact, much of our middle-income America has had to stomach dramatic declines in their retirement accounts, while the cost of food and energy continues to soar. The wealthy can absorb hits to long-term savings, but the less-than-wealthy people experience a much heavier burden.
I know, that’s all you want to hear is about more economic doom and gloom, and a rehash of the downward spiral in many of our retirement savings accounts.
Duly noted. That is why I would like to switch the focus to a shining star that has come out of our country’s economic mess …. Historic Low Refinance Mortgage Rates!
For many homeowners that are looking to lower their monthly payments, consolidate debts, or lower their loan terms, current mortgage interest rates paint a rosy picture. This is not meant as a sales pitch, but many people are taking advantage of the current rates and realizing benefits in the ten’s of thousands to hundred’s of thousands of dollars in savings over the term of their new home loans.
The point is, that it could be in your best interest (excuse the pun), to see if there is a refinance loan program that will result in a significant benefit for you.
The US government, in it’s bailout efforts, has helped to create our current historic low mortgage interest rates, but that aid is coming to an end soon. Both the government’s buy-back of US Treasuries and mortgage securities are slated to be complete by the early part of 2010. This could present a double-whammy effect on refinance mortgage rates as the 10-Year Treasury Yield could rise in conjunction with a rise in the mortgage spread premium. Yes, mortgage rates could rise significantly in the near future.
Although I don’t predict where mortgage rates will go, one cannot be blind to major headwinds coming around the corner. This reminds me of the old saying to “Strike While the Iron’s Hot”. My new, although not as catchy saying is to “Strike While Mortgage Rates are at Historic Lows because there’s little room left for rates to fall, but a whole lot of room to Go Up”. Yeah, I know, it’s a little lengthy, but I’m working on it!
Keep in mind that if you are planning on taking advantage of the current low refinance mortgage rates, you will need to have a minimum 620 mid fico credit score for either a conventional or FHA loan.
Also, make sure to check online at some of the free home value estimation sites so that you can get a general idea of the value of your home. The housing market is still kind of crazy, so you don’t want to go into the refinance process with blinders on.
If you are considering a refinance now and need some help, have questions, or need some competitive rate quotes, please check out the popular Refinance Tool Box. Just give a call at 888-850-9888 or fill out a Rate Quote Request online for professional assistance without the aggressive high-pressure sales tactics.
May the Mortgage Refinance Rates be with You!
Refinance Tool Box
In fact, much of our middle-income America has had to stomach dramatic declines in their retirement accounts, while the cost of food and energy continues to soar. The wealthy can absorb hits to long-term savings, but the less-than-wealthy people experience a much heavier burden.
I know, that’s all you want to hear is about more economic doom and gloom, and a rehash of the downward spiral in many of our retirement savings accounts.
Duly noted. That is why I would like to switch the focus to a shining star that has come out of our country’s economic mess …. Historic Low Refinance Mortgage Rates!
For many homeowners that are looking to lower their monthly payments, consolidate debts, or lower their loan terms, current mortgage interest rates paint a rosy picture. This is not meant as a sales pitch, but many people are taking advantage of the current rates and realizing benefits in the ten’s of thousands to hundred’s of thousands of dollars in savings over the term of their new home loans.
The point is, that it could be in your best interest (excuse the pun), to see if there is a refinance loan program that will result in a significant benefit for you.
The US government, in it’s bailout efforts, has helped to create our current historic low mortgage interest rates, but that aid is coming to an end soon. Both the government’s buy-back of US Treasuries and mortgage securities are slated to be complete by the early part of 2010. This could present a double-whammy effect on refinance mortgage rates as the 10-Year Treasury Yield could rise in conjunction with a rise in the mortgage spread premium. Yes, mortgage rates could rise significantly in the near future.
Although I don’t predict where mortgage rates will go, one cannot be blind to major headwinds coming around the corner. This reminds me of the old saying to “Strike While the Iron’s Hot”. My new, although not as catchy saying is to “Strike While Mortgage Rates are at Historic Lows because there’s little room left for rates to fall, but a whole lot of room to Go Up”. Yeah, I know, it’s a little lengthy, but I’m working on it!
Keep in mind that if you are planning on taking advantage of the current low refinance mortgage rates, you will need to have a minimum 620 mid fico credit score for either a conventional or FHA loan.
Also, make sure to check online at some of the free home value estimation sites so that you can get a general idea of the value of your home. The housing market is still kind of crazy, so you don’t want to go into the refinance process with blinders on.
If you are considering a refinance now and need some help, have questions, or need some competitive rate quotes, please check out the popular Refinance Tool Box. Just give a call at 888-850-9888 or fill out a Rate Quote Request online for professional assistance without the aggressive high-pressure sales tactics.
May the Mortgage Refinance Rates be with You!
Refinance Tool Box
Labels: credit scores, economy, home loans, money, mortgage rates, refinance, refinance rates, refinancing
posted by Jim Bisnett at
1:45 PM
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