REFINANCE NOW!! Why These Mortgage Rates Won't Last.

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Harold "Hal" Benz

Broker/Sales Associate
Certified Distressed Property Expert (CDPE)
Graduate of Realtor Institute (GRI)
Seniors Real Estate Specialist (SRES)
Accredited Buyer Rep. (ABR)
Keller Williams Realty
488 Springfield Avenue
Summit, NJ 07901
908-233-8502 x 327 Office
908-216-4836 Cell

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REFINANCE NOW!! Why These Mortgage Rates Won’t Last.

May 26th, 2010 by
Categories: Real Estate Industry News

World geo-political events have wreaked havoc on wall street in recent days. But what you might have missed is that this has caused mortgage rates to fall to record lows. TODAY would be a good time to call your lender about refinancing!!!

Investor Emotions Push Mortgage Interest Rates Lower

As I’ve said before, mortgage interest rates are NOT set by the government. They are market driven. And financial markets are emotional creatures. Sometimes the markets are driven by predictable events, like the government’s release of existing home sale data or other such numbers. But as mortgage expert Dan Green points out in this post, the market has been hammered with a bunch of unexpected events lately. From volcanic eruptions in Iceland to tensions between North and South Korea, the world has become a very unpredictable place. Oh yeah…and can anyone say GREECE?!

Hey…I know I said that mortgage interest rates would rise back in April. But these unexpected world events are keeping rates unnaturally low! Hey… who knew?!

The end result is that the world’s investors are diving for cover, and it translates into lower mortgage rates for you! According to Bankrate.com, rates at the time of this posting were under 4.9%!! (Keep in mind that I’m talking about conforming 30-year fixed mortgages…not some weird specialty product).

But the chaos won’t last forever. And when it subsides, rates will drift upwards. They always do…

So if you live in and around Westfield and you’re considering refinancing (and hello…it might be a good idea), TODAY would be a great time to call your favorite lender for a quote. If you need a recommendation for someone good, call me and I’ll pass along a few names. I can be reached at 908-216-4836.

Tags: interest rates, mortgage

This entry was posted on Wednesday, May 26th, 2010 at 6:30 am and is filed under Real Estate Industry News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.