Well just when we thought mortgage rates couldn’t go any lower……….they do!!! Depending on your loan amount you could possibly do a 30 Year fixed with no points or origination fee at 4.375% and a 15 year at 3.875%! What you ask is driving down rates so much? In one word, uncertainty. The global economics are still causing all the problems and now there has been some raised concern about China too.
Will they go lower? That is really hard to say since we keep achieving now lows, but one thing seems to be sure, they should stay in this area for a while. Until the global economic concerns are eased, investors are going to keep money into security of bonds.
If you have a rate over 5% right now, give us a call to see if refinancing makes sense. Even if you are upside down but have a fannie or freddie owned loan (we will help you find out) you may be able to refinance your 1st mortgage to 125% of your appraised value. Let us check it out for you!
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