In case you haven’t been paying attention… Freddie Mac says that mortgage rates have declined to a record low of 4.57% on a 30-year fixed rate loan.
Interestingly, even with these historically low rates, there hasn’t been much action. Home values are down and many homeowners are upside down, and thus unable to refinance. Others can’t qualify given the higher underwriting standards. Still others have already refinanced in the past few months and doing so again doesn’t make financial sense.
What about you? Have you recently refinanced? If not, are you thinking about doing it now? If we hadn’t paid off our mortgage, I’d be thinking very seriously about refinancing. As things stand, however, I’m not interested in re-mortgaging even at these rates.