30 year fixed mortgage rate drops: Time to re-finance?

If you are looking to take out a 30 year fixed mortgage rate you would be offered deals in the region of 5.5 percent and in some cases you may find even lower interest rate depending on your chosen lender.

You would need to match a certain lending criteria to qualify for the 30 year fixed rate mortgage deal that are being offered including a credit score of 720 or more, have a solid credit history and substantial deposit or equity.

The US Government announced a $800 billion plan to shore up consumer loans and mortgage, the plan had immediate effect and many lenders cut their mortgage rates.

The 30 year fixed mortgage rates fell on average 0.5 percent on Tuesday, with the rates lowered it is thought that it will entice homebuyers into the market that had been waiting for the rates to be cut.
Although the drop in rates will not help homeowners who are in negative equity, mortgage brokers have said they expect the rates could fall even further.

Source: Boston Global