You may have been thinking Holidays and sugar plums, but thousands of homeowners have been thinking refis, rate reductions, cash-outs, and money-saving debt consolidations.
Thirty year fixed rates slipped blow 6 percent two weeks ago, and although they've rebounded slightly, they are still nearly a percentage point below where they wee last summer.
fifteen-year fixed rate loans in the mid-to upper 5-percent range are readily available to applicants with solid credit.
Today 's rates make a lot of sense if:
- You've got a piggyback" first and second mortgage package that was originally intended to let you purchase your house with a minimal or zero down payment while avoiding mortgage insurance premiums.
- You've got an adjustable-rate mortgage that's facing a "reset" into higher payments in the six months ahead.
- You need cash for a home improvement project, a business investment or to buy a vacation home that's now available at a bargain price.
"this (boom) has legs. this is not head fake, it's real" because mortgage money at 6 percent offers such exceptional problem-solving opportunities.
Cash out refis cost money. But your 6.l percent fixed rate -- not far above 40- year records lows -- should still look good years from now.
