Thursday, December 04, 2008

4.5% interest rate? Believe it.

Today, rates for conforming loans dipped under 5%. Experts say the interest rates may go as low as 4.5%. This is the lowest rates have been since I've been in real estate.

This is great news for buyers, and also great news for home owners: If this happens, refinancing may save you a lot of money. Caveat: you have to have equity in your home, and otherwise qualify.

I'm sure you know this, but the questions to ask your lender are: 1) how much will it cost to refinance? and 2) how much will you save on your mortgage payments per month if you can get this low rate.

I hope this is helpful. Of course, please let me know if you'd like a referral to a great lender.

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