Right now rates are at an ALL TIME LOW, hovering around 5 to 5.5%...but they are already beginning to creep up slightly! If you have a loan, at or above 6%, now is an opportune time to refinance. It appears rates falling to 4.5% was a rumor and they are NOT EXPECTED TO FALL TO THE MID 4% RANGE. Here is an excerpt posted today on mortgage news:
"No plans have been announced to allow refinances for less. The Wall
Street Journal in December reported that departing Treasury Secretary Henry
Paulson was considering a plan to drive down mortgage rates for new
homebuyers (not refinancers) to 4.5%, a report Paulson later denied. Plenty
of other folks have suggested the government intervene further than it
already has, either by increasing the mortgage purchases to drive rates
lower or by setting up other programs that would allow homeowners in good
standing to refinance for less. So far, though, these ideas are just talk."
If you have a current FHA loan NOW IS THE TIME TO ACT! before rates go up further. There is a program for you called the "FHA Streamline Refi." FHA is allowing for an "FHA to FHA" refinance with NO APPRAISAL REQUIRED and in some cases NO CREDIT CHECK! NO APPRAISAL REQUIRED means the current value of your home is not a factor. Your mortgage amount shall stay exactly the same and you will simply be refinancing to a lower rate, thus reducing your monthly payment. This is an unbelievable opportunity and we don't know how long it will be available. If your current loan is FHA and your interest rate is 6% or higher, please email or call me so I can help you right away.