Freddie Mac reports a decline in the 30-year fixed mortgage rate to 5.78% during the week ended September 18 from 5.93% the prior week, marking the lowest level in seven months. During the same period, the 15-year mortgage rate dropped to 5.35% from 5.54%. Meanwhile, interest on five-year adjustable mortgages slipped to 5.67% from 5.87%; and the one-year ARM slid to 5.03% from 5.21%.
This might be a good time to refinance your mortgages, unless you believe as I do that rates will slip below 5 percent next year. I am currently holding my investment homes and planning on a refi by Spring of 2009. Rental rates are coming down in Nashville, but I think that it’s the right move.
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