30 Year Fixed Mortgage Rates Fall

The New Year has been good to mortgage interest rates so far. Rates are hovering at 5.00% these days. This is just the beginning because the Fed just started buying mortgage papers from Fannie, Freddie. Today the Feds bought $10.2 billion worth and they have a target of buying up to $500 billion by the middle of 2009.

Here is a chart showing how far rates have fallen since last September:

30 Year Mortgage Rates Fall, January 2009It may be a good time to refinance your loan, but be aware that you must have some equity in your home. We’re turning away a lot of people due to lack of equity. However, the exception is for those who qualify for a FHA streamline refinance, which doesn’t require an appraisal.

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