Ryan
Oct 12th, 2009

Mortgage Rates Stay Low

One of the nice side benefits of the low interest rate environment is that mortgage rates are continuing to stay low. I told the story a few months back about refinancing the mortgage here to a 4.25% fixed rate over 30 years; apparently, according to this CNNMoney.com story, mortgage rates have dropped for six weeks in a row, and some are seeing rates below 5%.

If you have either enough money for a decent (at least 20%) down payment on a purchase or are refinancing with sufficient equity, have a pretty high credit score, and a secure job with a decent income, it may still be the time to refinance.

Personally, we cut hundreds of dollars a month off of our mortgage payment every month and dropped about a point and a half (more, actually) off of our rate, so I’ve been really happy with our refinance. If you can drop a point on your rate and you have more than seven or so years left on your mortgage, it may be well worth your while to refinance yours too! Think about it.

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4 Responses to “Mortgage Rates Stay Low”

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