This past week the Federal Reserve met, and at the end of their sessions, maintained interest rates at their all-time low. This presents a great opportunity for homeowners who now have a chance to refinance their home mortgages to new lower rates that are now well below 5%.
With the continued decline in home prices, which in many instances, have caused home owners to be upside down on their mortgages, owing more now than the home is worth, it is not believed that there will be many home owners who can take the opportunity to refinance their mortgages.
The decline in property values, however, added to the federal stimulus program that, among other things, provide for certain tax credits for first-time home buyers, is a bonus for buyers. The abundance of readily available properties across the nation, that have been foreclosed, adds to this rare opportunity, where mortgage interest rates are as low as they are and home prices are as low as they are. Its shopping time.
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