One of the bright spots in this economic turmoil is how much it has lowered interest rates. If you have not refinanced your mortgage lately you should take a look.
Current 15 year mortgage rate average – 2.75%
Current 30 year mortgage rate average – 3.75%
These rates could go even slightly lower if things continue to deteriorate in Europe. However, any significant positive news story for Europe might push them back up some. I recommend jumping at these rates. Whoever thought we would see a mortgage rate beginning with 2?
If you would like a recommendation for a mortgage broker let me know. Don’t just go to your bank, you’ll pay more.
To calculate the difference lower rates would make in your mortgage payment not including property taxes and insurance look on Bankrate.com under the Mortgages tab.
Remember that I strongly encourage people to do a 15 year mortgage or even a 10 year mortgage. On a 15 year mortgage at today’s rates roughly 50% of each payment goes to pay down principal.