After a year that was more naughty than nice, Santa dropped in early for the real estate and mortgage industry. Mortgage rates fell to their lowest point in the last few years today.

It’s been quite a while since we were quoting rates below six percent and my office nearly buzzed with activity. Phones were ringing, people talked and laughed and it felt down right festive. It’s easier to be in a holiday mood when there is a prospect of a paycheck after Christmas.

Here in Illinois we had our first big snow today, too. Christmas lights are up around the neighborhoods and with the new snow it looks like something you’d see on a calendar.

If you are in need of financing, Christmas came early for you, too. If you bought over the last few years, chances are your rate now is higher, and it may make sense to refinance. If you have a home equity loan with a balance, or credit card debts you would like to pay down, it might make sense to refinance. If you have an adjustable rate mortgage that will be re adjusting soon, or if you have an option a.r.m, it really might make sense to refinance.

Rates are low now, but the experts are divided over which way rates will go. One school of thought is that the economy is weak and the Fed will need to continue to lower the discount rate and this will drive mortgage interest rates ever lower. The other way to look at it is that the Fed will lower the rates, but this will spur on inflation and weaken the dollar, which mean that mortgage rates have to move up.

Mortgage rates may get better, or they may get worse. But they are a bargain now. My thinking here at Illinois Mortgage Rates and News, is that this is a great time to lock in and and take advantage of where we are now, before our gift turns to coal.

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