If you have an ARM (adjustable rate mortgage) and owe 80% or less of the home's current value and your credit rating is wonderful, you can refinance now for a rate not seen since the 1960s.
A 30-year fixed obligation could come at a 5.06% rate.
Some reports are expecting such mortgages to fall to 4.5% rate!
This is wonderful news for many but not for those struggling to make payments, on the verge of foreclosure, or those folks under water. The statistics of those under water (owing more than the current value of their homes) are staggering.
For now, I will focus on the little good news visible in this economic atmosphere where my sister just took a 10% cut. She didn't exactly "take" the cut. It was presented as a fact. Everyone in her division would now earn less than they did the day before by 10%. The company asked if anyone was interested in cutting their hours to 32 per week. Will that be the next presented fact?
'til later
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