Folks,
if you have a mortgage at 6% or above, you may want to explore refinancing. Some of the recent actions by the US Department of Bailouts might benefit those of us who save. Conforming rates are bouncing around 5.5% and nonconforming rates have been quoted around here in the low 6’s.
I won’t advise you on what to do, but if you don’t have a lot of cash and are tempted to buy down the rate with points, I might caution you. It is a good thing at this time to keep cash on hand (and maybe a few ounces of gold in the vault!).
For more information on this, check out the useful site – Bankrate – to compare various offerings in your area and for national bank data.
Editor’s note: Interesting Article from NY Times
Editor’s note: Mr Mortgage on the limited economic effects of lowering rates
Chris Grande
