Bond Market Movements Have Brought Down Mortgage Rates
If you missed out on refinancing your mortgage last spring, here’s another opportunity.A window has opened up in the mortgage market—thanks to some unusual movements in the bond market, rates have come down in recent weeks, and someone with good credit may be able to get a 30-year fixed rate for as little as 5% right now.Yes, mortgages still aren’t as cheap as they were in May, when rates fell as low as about 4.75 %, but they’re still a pretty good deal. As recently as June, rates spiked around 5.6%. And before the financial crisis walloped us last year, they were over 6%.
By Brett Arends, August 28, 2009 WSJ