Based on the comments/questions of my clients, many owners of Palos Verdes real estate are indeed refinancing their home loans. Do you know that interest rates are the lowest they have been since April 1951? That according to a recent article by Kenneth R. Harney in the LA Times, who goes on to say “30-year fixed mortgage rates (have) been hovering around 4.25%….” which is really incredible.
The Federal Reserve recently announced it was going to add another $600 billion to the credit markets which has many homeowners wondering if the interest rates will fall even further. Kenneth Harney states, “Amy Crews Cutts, deputy chief economist for mortgage giant Freddi Mac, says the $600 billion might only ‘tweak’ rates downward from current levels. ‘Four and an eighth is far more likely than 4%’ on 30-year fixed rate loans, she said in an interview, because the Fed ins not buying mortgage-backed securities but rather Treasury bonds.”
If you are thinking of refinancing, now may be the time. You will want to interview several lenders to determine what kind of loan would be best for you – “no-cost” financing, a standard 30-year loan, a 15-year loan, etc. Click here to read the entire LA Times article.
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