With the huge decline in the stock market the past two weeks (and especially the past few days), the bond market has rallied causing a drop in interests rates. If you missed the last refinance opportunity in the Fall of 2010, there is another chance now. But, since nobody knows how long this will last, I suggest that anyone considering this contact your mortgage company as soon as possible. As of the closing of the markets today, 30 year fixed rate loans up to $417,000 are as low as 4.25%; 15 year fixed rate loans are 3.5% and 5/1 ARMs are 3.125%. Rates on loans between $417,000 and $729,000 are not much higher.
REFINANCE NOW-RATES ARE THE LOWEST THEY HAVE EVER BEEN!