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Here’s the Story:

Last week, progress was made in the mortgage market as Treasuries rallied and prices of mortgage backed securities moved higher. By week’s end “rate sheet influential” MBS coupons improved in price by almost 0.50 discount points, bringing the par 30 year fixed rate mortgage back under 5% for the first time in almost two months. This rally in fixed income was led by a shift in investor sentiment from recovery to a stagnate economic outlook. This shift has resulted in market participants liquidating their risky equity positions and moving money into safer/risk averse fixed income assets like MBS and Treasuries.

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If you want my opinion, here it is. Get four offers from different lenders, then negotiate your best deal.

Should You Refinance?

There is no doubt about it, the current state of the economy has many people asking this question.

Right now, interest rates are the lowest that they have ever been. Even during the refinance boom of the late 1990′s, no one ever dreamed that you would be able to get a 30 year fixed rate mortgage for around 4%.

But the reality is that right now you can get a fixed rate mortgage near 4%. And if history has taught us anything, it’s that a great deal like this one will probably disappear pretty quickly.

So Here is the answer to your question “Should I refinance?”

You should not consider refinancing if:

You plan on moving in the near future.

If your interest rate will only drop by 1/4% or less.

If you are uncomfortable with the new terms being offered.

Do not refinance your home to buy luxury items that you would otherwise not afford.

You Should Definitely Consider Refinancing If:

Your interest rate will be lowered by 3/8% Or More.

If you can lower your interest rate by 3/8% percent or more it is usually a no brainer. The savings that you will acquire from lower monthly payments will usually more than make up for any costs involved.

If you currently have an adjustable rate mortgage it would be very wise to lock in a low fixed rate right now.

You Should Refinance If you have a lot of credit card debt.

If you have sufficient equity in your home, you may be able to get some “cash out” which you can use to consolidate your bills. When this happens, you will be a double winner.

A quick formula to determine if refinancing is worth it

Take your total closing costs and divide them by how much money you will be saving every month. This will tell you how many months at the new payment it will take to pay off the closing costs. If you think you will be living in the home at least that long, then it may well be worth it.

We recommend getting several Interest rate offers from different banks.

When you do this, banks will fight over each other to do your mortgage and they tend to lower their interest rates and fees even more.

We highly recommend LendingTree Mortgage Loans

Lending Tree is Great Because you only have to fill out on simple form to get up to four great offers for your mortgage from the best banks in the country and their rates beat the national average.

Also By using Lending Tree, you will not have to deal with all those salesmen calling your house non-stop. Lending Tree filters all of this out for you. So you can make your decision comfortably without the pressure from pushy sales people.

By filling out the Lending Tree Form, you will get your answer as to weather you should refinance your home or not. It does not cost anything to find out so you should take advantage of this unprecedented opportunity of record low interest rates to find out.