Low Rate Refinance, Start Refinancing Your Home Now.
Wednesday, December 17, 2008, low rate refinance make homeowners across the United States on Wednesday took advantage, refinancing their homes to lower their monthly mortgage payments amid an economic downturn.
Mortgage brokers reported a surge of calls from borrowers seeking to take advantage of the Tuesday choice to cut the federal funds rate from 1 percent to a target range of zero to 0.25 percent and pledged to keep funneling money into the market for mortgage investments.
Some brokers were quoting mortgage rates of close to 4.5 percent for people with strong credit and hefty down payments.
The national average rate on 30-year, fixed mortgages was 5.06 percent on Wednesday, according to financial publisher HSH Associates — the lowest since the 1960s and down from 5.3 percent Tuesday.
In other issue, just because the Federal Reserve is cutting interest rates, don’t expect your credit card company to necessarily do the same.
Card issuers are likely to remain stingy about who will receive better rates — so relief from heavy credit-card debt may not be a gift many will receive this holiday season.
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Tags: 30 year fixed mortgage rates, credit card debt, Financial News, HSH Associates, low rate refinance, low rates credit cards, mortgage brokers, mortgage investment, mortgage rates, RefinanceTags: 30 year fixed mortgage rates, credit card debt, HSH Associates, low rate refinance, low rates credit cards, mortgage brokers, mortgage investment, mortgage rates
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