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.
Judy Graff's sublime-to-the-ridiculous (well, mostly ridiculous) take on real estate for east San Fernando Valley and North Los Angeles communities. This includes Hollywood Hills, Burbank, Studio City and Toluca Lake real estate and homes for sale, and also covers Valley Village, North Hollywood, Glendale, Atwater, Highland Park, Silverlake, Sherman Oaks and other L.A. areas too. General news and musings as well.
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