Mortgage Rates & Refinancing

Missing an Opportunity? I wanted to let you know of a real opportunity of which many people are not currently aware. Due to recent weakness in the stock markets, real estate, and the potential slowing of the U.S. economy, mortgage rates are at very low historical yields today. As reported by Mortgage News Daily, see the current Mississippi averages below:

10-Year Fixed Ranging from 3.75% to 4.00%
15-Year Fixed Ranging from 4.00% to 4.25%
30-Year Fixed Ranging from 4.25% to 4.50%
(For information purposes only; Rates subject to change without notice.)

Historically these are very low rates. Yes, they could possibly go even lower, but no one is sure—and if they were to drop lower they may not stay there for long. According to Mortgage News Daily, the U.S. Average Weekly Mortgage Rates show 30-Year fixed rates, just a year ago, were ranging between 5.25% and 5.75%. So, you can clearly see the changes that have taken place. Also, now could also be a great opportunity for many people who have fairly large second-mortgages (Home Equity loans) to possibly secure a fixed rate which could be much lower. Remember, over time rates could eventually go significantly higher.

We wanted to let you know this in case you have been considering the potential benefits of refinancing. If you think you need some help, don’t hesitate to call and we can help you determine what’s best in your situation. If you do call, please tell us how much you currently owe, your current interest rate, and how long you plan to live at your current location. Also, remember that we do not provide mortgages ourselves, but can help analyze your situation in view of your current planning goals.