Rates nearly as low as they were in 2003

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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