Treasury Secretary Paulson announted an $800,000,000 ($800 Billion) credit package today that caused investors to finally loosen their grip on higher interest rates. In my 19 years of experience and knowledge (that I’m increasing daily)…….the current financial situation & bond market should have seen our long term Mortgage interest rates down closer to 5% (for fixed rate 30 year mortgages-conventional limits) and with this move to settle down investors, the mortgage rates went down to 5.375% for the best borrowers. Check out this article….. http://www.msnbc.msn.com/id/27905756
This should have an impact on credit cards companies as well.
If you are thinking about refinancing and you do have equity, now may be the time for you to consider doing whatever you can to lower your monthly payment. Just a thought!