June 27, 2005 LOS ANGELES -- Interesting and good news for
those who procrastinated
refinancing their
home loan in 2003 and for those who purchased after the "refi boom" at a
higher rate: Home loan
rates are nearly as low as they were in 2003.
Right now
30-year fixed rates
are holding steadily well below the 6% mark, so it is likely a wise decision to
do the math to see if you are going to save by refinancing again. For those
considering a home purchase, now is the time to lock interest rate.
The average
interest rate last week landed at 5.57 percent for 30-year, fixed-rate
mortgages. This figure is not too far from the all-time low of 5.21 percent
which was present back in June of 2003.
With the Federal Reserve flim-flamming on where exactly they
intend for rates to go the rest of the year, a smart homeowner or shopper would
be wise to abide by "Murphy's Law" on this one and assume rates will climb.
The bottom line is that the Fed has committed to additional rate
increases this year. - Article by
Nolan Voight for CMR
Home Loans.
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