If you havent’ seen this on the Wall Street Journal and you have been considering refinancing your mortgage, you best take a look. The #9 most emailed article in the WSJ espouses to its readers that, “Now is the Time to Refinance.”
With the stock market in its stomach churning turmoil, mortgage rates have fallen further and according to the article, it’s possible to find rates for as low as 5% on a 30 year fixed.
“The current averages are among the lowest seen in recent history, and they’re a full percentage point or more below levels seen as recently as last fall.”
So if this has been on your hope to do list for all you homeowners, this may be a time to act. However, I do like to add one small plea before making the move… please take a moment to take a deep look at your financial situation to ensure that by refinancing, the money saved is going to a good “cause.” And that we aren’t treating our homes as an endless piggy bank to draw upon – which is one of the many reasons how the housing situation is ending up where it is today.