Rumors of the volatile market and “record low” interest rates keep people asking, how does this affect me? What does the “record low” interest rate mean? Those are good questions. The US Market is experiencing the lowest interest rates in the history of the market. Although, the rates vary each day, they have remained at a constant low since 2008. The Fed has even rumored that they will stay low through at least 2013. So what does it mean for you? It’s different with each situation, but it could mean, it’s time to refinance.
Refinancing your home may sound overwhelming and a bit daunting, but we’re here to help you. With interests rates as low as 4.125% for a 30 year fixed rate and 3.375% for a 15 year fixed rate, refinancing your home could save hundreds in mortgage payments. Homes purchased prior to 2008 have a mortgage rate of at least 6%. People who purchased homes during this time period and have an interest rate over 5.5% should benefit fro m refinancing. Though the market can be volatile, we are confident that refinancing your mortgage is something to consider. We’d be happy to talk through the process and refer you to a lender we trust.