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Mortgage rates are at all time lows and the refinance party is beginning again for some lucky homeowners who are taking advantage of the current market.
Interest Rates on 30 year fixed mortgages with 0 points reached a low of 5.01 earlier this week, just a tad up from last weeks low of 5%, but down from 5.97% from the same time last year. These are the lowest levels since 1985.
These great mortgage rates are due to a combination of efforts from the Federal Reserve in not raising short-term rates and investors still buying up government debt.
Many homeowners can take advantage of this window of opportunity to refinance their home loans into a lower fixed rate while they still last. Other homeowners who cannot obtain financing will not be so lucky. However these borrowers still may have some options and can try and take advantage of the Making Home Affordable Loan Modification program.
