Fixed Mortgage Rates Now at Historic Lows…
December 17, 2008
Fixed mortgage rates are now at historic lows. “No Point” fixed rates are just below 5% and “One Point” rates are below 4.75%. This drop was a direct result of the Fed’s announcement, yesterday, that it plans to expand its purchasing of mortgage backed securities.
With rates at these levels, many homeowners will benefit from refinancing. Monthly savings from refinancing a $300k mortgage at 6.25% to a new loan at 4.75% are close to $300. I am expecting a busy holiday and new year.
