Mortgage update-- December 23, 2008

Interest rates still seem to be hovering around 5%. I don’t think it is likely they will go much lower. But, who am I to say! I have been hearing it is the people who purchased a loan between 2004 through 2008 that should be refinancing. They are more likely to get quick recapture costs. These low interest rates won’t last forever. I think they say if the current interest rate is one percent or more lower than your interest it is probably worth the cost to refinance.