A little over a month ago, the Fed started a rally in the mortgage backed securities market (which is linked to mortgage interest rates) by announcing that they are prepared to buy $500 billion dollars of loans in a move to drive mortgage rates lower. Yesterday they followed through on that promise and started to buy these securities. It looks like rates are dropping again.

If you missed the lowest rates we saw last month, you might have another bite at the apple. But the last time rates dropped, the best rates were only there for a matter of hours, and with lender’s web sites crashing under the volume, most people weren’t able to get the best rates. If refinancing your mortgage will lower your rate and help your financial situation, the best thing you can do is to get prepared ahead of time. If you have already gotten your documentation together and your file is in with your loan officer, you are in a much better position to take advantage of the situation.

If you would like a rate quote or if I you would like to see how refinancing would work with your situation, give me a call or send me an email. 

Illinois Mortgage Rates and News                     First time home buyer loans

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