Time To Refinance

POSTED: Tuesday, August 10, 2010 - 9:46am

UPDATED: Tuesday, August 10, 2010 - 1:31pm

The Federal Reserve meets to vote on it's interest rates.

No changes are expected when the Federal Reserve meets to vote on it's interest rates but, mortgage rates have changed again for the better.

Months ago few people thought that the rates would get this low.

The lowest on record, down four-point-three on a thirty year fixed below four on a fifteen year loan.

The kind of rate people thought would encourage home shoppers to buy now, but they are not.

Home owners should revisit refinancing even if their current rate is not much higher than the new one.

"5.25 is worth looking at. if you're up in the high fives, six or seven... it's almost a no brainer that you're going to save some money," said Fairway Mortgage Corp Rick Melville.

It is unknown when the rates will start heading back up.

"Well then don't worry about getting the absolute bottom rate because no one knows if that's this week or six weeks from now," said Melville.

Lending rules are much tougher.

Primarily credit scores which have gone from a minimum of 680 to 740 qualify for the best rate.

Advisors say, at the very least, it's worth a call to your lender.

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