Just when you thought rates couldn’t go any lower …
Mortgage rates keep decreasing and today they’re down to levels not seen since the 1950’s. The last time rates were this low, houses cost about $10,000, cars about $1,500, the Super Bowl didn’t exist, and Justin Biebir’s grandparents were just toddlers.
If you haven’t take advantage of today’s lower rates, now could be the best time ever. Even if you have refinanced recently, doing so again could be in your best interests, even if you have to shell out some additional cash. I refinanced in 2009 and I’m considering it again, possibly for a shorter term loan this time. When I did refinance at 4.75%, I didn’t think rates could go much lower. Was I ever wrong!
Today’s rates are as low as 4.21 percent for a 30 year refinance and 3.71 for a 15 year and an astonishing 3.19% for a 5/1 adjustable rate mortgage (based on today’s rates at Bankrate.com). What you find over the next few days may even be lower.
Hint: put what you save into your emergency fund.