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Some interest rates have fallen to near zero and following this trend home mortgage rates are at their lowest level in 37 years, falling to 5.19% last week. So with this good news mortgage refinance applications are surging this week also. Let's take an example and assume you had a 30-year fixed mortgage at 6.5%. Using a mortgage calculator (www.mortgagecalculator.org) your payment was $1347.00 per month (excluding taxes and PMI). By refinancing at today's rate of 5.19%, a 30-year fixed mortgage would cost $1180.00 per month (excluding taxes and PMI), for a savings of $60,120.00 (360 payments).
The new low rates we have now will likely slow foreclosures by letting homeowners lower their monthly payments and keep their homes. So with all the turmoil we've seen this year, this is a bit of good news. Let's hope that the trend to lower mortgage rates continues and we can save even more money.
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