Mortgage Rates Drop Even Further

National Mortgage rates have dropped a bit more than my last post a few weeks ago. I don’t know about you but I haven’t seen rates this low, ever! Below is a screenshot from Pentagon Federal Credit Union’s Mortage Page.

I use Penfed as my basis for mortgage rates, since they seem to have some of the lowest around. Can you believe 4.375% for a 30 year conventional mortage with no points??? I just refinanced at 4.5% and am now kicking myself since rates seem to keep dropping. If you are in a rate over 5% and want to reduce that monthly mortage payment then you may consider refinancing. You can even refiance into a lower term mortgage as the 15 year rate is at 3.875%.

If you are a believer in the dobule-dip recession that everyone thinks is coming, then you may decide to wait. Unfortuently you never know if they rates are going to go up or down. It may definetly be worth a discussion with your current lender or possibly shopping around for others.