How Long Will Mortgage Rates Stay Low?

How long will mortgage rates stay low?? Anyone? You know as well as I do that no one really has the answer, but if your believe the government they will stay low for the next 2 years, yea right. No one can predict where the economy, both US and World, inflation, rates, and really anything else. I am sure half the people are right sometimes. I am looking at an extended slump in the housing market something I am sure you all know. A slower the expected recovery and maybe even a double dip recession.

We need 3 things, more spendable dollars, jobs and a stimulated housing market. Refinance to save cash-flow. For example I have a client that bought a house 3 years ago in Florida for $425,000 and carried a mortgage of $340,000. He currently owes $319,000 on a house that is now worth only $310,000 (yes the numbers are right) his current rate was 5.25%, I was able to refinance him at 4.125%, 30 year fixed, saving him $331.46 a month. The total cost of the refinance was $2662, well worth it.

Should you or your client's refinance? Talk to me and let discuss what can be done.

Jon [email protected]