Do it now!  That should be the mindset for anyone who is looking to refinance their mortgage loan at this time.  We have already seen historic lows, 50 year lows on rates and they have come and gone.  Keep in mind though that 5% on a 30 year loan is still very much available and for many years it was considered the holy grail of rates, so 5% is no slouch.  You can still get a 4.5% on a 15 year term as well, which is an amazing rate.

From the veterans I speak with each day I hear two very different ways of thinking.

1.  Refinance now, while you still can and rates are great.  Simple answer and it makes sense, I have a number or return clients who are taking advantage of the rates and moving forward with their refinances.  In many cases a reduced term and rate reduction at the same time is the way to go.

2.  Believing we have yet to see the worst of things some believe rates will go lower still.  Simple as that.

I see how each opinion could be valid.  It is time to refinance now if you haven’t.  For those who think otherwise, take these items into consideration and then get back to me.

Unemployment is at a 26 year high of nearly 10%.    The Dow Jones Industrial Average/stock market although it has rebounded some is still down 35% still from levels of less than 2 years ago.  12% of all US homeowners are right now, behind on their mortgage payments.  Do any of these things sound good?  Do you think things will be better tomorrow with the current trend?  I would say no, not tomorrow but maybe next year.  With that said, I would advise anyone that now is the time to refinance and take advantage of what is currently available, don’t wait you may just left out in the cold.