Take the Money and Run - Is it Time to Refinance?
December 22nd, 2008 categories: Mortgages & Finance
Last week, 30-year mortgage rates dropped to their lowest in decades and mortgage lenders are seeing a huge spike in refinance applications as a result. According to the Mortgage Bankers Association weekly survey last Wednesday, 30-year fixed rates averaged 5.18% with 1.13 points. Also read MarketWatch.
One of the mortgage blogs I read regularly, The Mortgage Reports Blog, suggests that people considering a refinance should take the money and run, predicting that mortgage rates will actually rise in the next 30 days, not decrease further.
‘To the tuned-in rate shopper, sharp drops in mortgage rates are signals to buy, not signals to “start shopping”.’
And I’ve been getting e-mails from Connecticut-area lenders all week with news on their programs and the rates are pretty darn good in some cases. It all depends on your credit, your current rate and how long you plan to stay in your current home.
I don’t know what rates will do in the next few weeks but the gettin’ seems pretty good about now.
And for home buyers, CHFA’s rate is now 5.25%. Go on, take the money and run.
This a very good article. Rates right now are below 5.00% with no points! I am hoping that this will stir up some buying and help the market out. It is certainly needed, Especially here in CT.
[…] Take the Money and Run: Is it time to refinance? […]
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