Thursday, January 31, 2008
Check those rates
Mortgage interest rates have been dropping all month. In last week's Philadelphia Inquirer, some companies and banks were advertising 30-year fixed-rate mortgages at 5.1 percent. Now, not all banks and mortgage companies are offering that kind of rate, but some are. And with the Federal Reserve cutting key interest rates on Wednesday, mortgage rates could go under 5 percent for the first time in quite a while. If you have a mortgage that is above 6 percent, it might be worthwhile to think about refinancing. In the long run, it could save you a lot of money every month, so keep an eye on those rates. If you have questions, give your mortgage lender a call and find out what their rates are and what kind of fees they charge for refinancing. And remember, it pays to shop around to get the best deal.
