Lower Mortgage Rates Make Refinancing a No-Brainer

Back at the end of March when the Fed stopped buying mortgage-backed assets, economists predicted that mortgage interest rates would start to drift higher toward 6 percent.

Well, they were wrong: Rates dropped to 4.2 percent for a 15-year fixed-rate mortgage and 4.87 percent for a 30-year fixed-rate mortgage.

What caused interest rates to head in the opposite direction? We can credit a perfect financial storm that is actually helping home buyers and home refinancers for a change:


So if you thought you missed your best chance to refinance, think again.