Sunday, September 14, 2008
Mortgage Interest Rates Downward
Bankrate.com reports that for the week 9/11 to 9/17, mortgage interest rates are dropping. Actually, Bankrate.com uses the word "plummeted" on their website.
To quote - "The benchmark 30-year fixed-rate mortgage fell 40 basis points, to 6.15 percent..."
You can read for yourself here: Bankrate.com.
Should you think about refinancing? Perhaps. Many predict that mortgage interest rates may go lower. Maybe you should start your refinance application and make sure you ask your lender the question - "If rates go lower before my refinance is completed, will I get the lower rate?".
It's hard to "time the market" with respect to when will the interest rate be at it's lowest. You may want to consult with your accountant or financial advisor about refinancing.
At least, that's our opinion.