Mortgage Rate Drop to New Record Lows.

“Interest rates on 30-year fixed-rate mortgage loans fell for the third consecutive week to the lowest since the week ending May 21, while 15-year fixed rates were the lowest since our records began in 1991,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a news release.
Rates for 30 year fixed-rate mortgages fell [...]

Mortgage Refinancing Saves Borrowers $3 Billion in 3rd Quarter.

A recent report released by Freddie Mac shows that half of the borrowers who refinanced their mortgage in the 3rd quarter of 2009 lowered the mortgage rate by an average of 1.1%.
This totaled a whopping $3 billion in dollars saved.
This is in large part due to The Home Ownership Affordability Refinance Program that allowed home [...]

Why I’m NOT refinancing My Mortgage.

I got a call from a local bank offering to refinance my mortgage for 5.25%. On the surface this sounds like a great deal, since I’m currently paying 6.125% on my mortgage. But here’s why I’m not taking the offer, and some of these reasons may be things to consider if you too are faced [...]