Smart Borrower Blog

Mortgage Rates At All Time Low


Jan 20th, 2009 @ 7:24 AM by Alden Smith


Mortgage rates are the lowest now that they have been since Freddie Mac begin tracking them way back in 1971.  Freddie reported on Thursday that 30 year fixed rate mortgages are now at 4.96%.  With the new administration being sworn in on Tuesday and President Obama poised to roll out an economic rescue plan, you might want to consider a refi on your mortgage.

Mari Adam, a financial planner and owner of Adam Financial Associates Inc. in Boca Raton, Fl, said “The people who have done everything right are now going to benefit and will be very well rewarded.  “We are saying to our clients, anyone who can refinance should refinance. You can save a lot of money. People can make a real difference in their balance sheet.”  If this is the case, then these homeowners can look to putting thousands of dollars in their pockets by refinancing.

This could mean a lot to people right now that are suffering from job loss and an insecure future.  If you are one of the unfortunate ones that are still laboring under an ARM, it is time to make a change.  Economists feel that the crisis in the subprime market have reached their peak, but that does not take into account that the next wave of resets comes in about 2 years.  With the way the economy is and what economists predict the future will be, it is a sure bet that we will start that cycle once again with foreclosures due to resets.

Looking to refi now is a gamble.  People are unsure whether to go for it, or wait until rates drop even lower.  This could well happen, but there is no guarantee, and people should not gamble with something as large as this is.  Because we are in such instable times, there is no way to know what way this can go.  With many people, the wait could mean more damage to credit, which would effectively put them out of the running for a new mortgage.

It also means that you had better plan on staying in the home for a long time to see any effective gain.  Closing costs on a new mortgage are typically what eats up any savings, unless you plan on staying in your home.   These days, a person needs a good credit score and the ability to prove they can pay.  If you meet these parameters, then you might consider refinancing now.

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