Refinance Rates Trending Lower in July?

Refinance rates are something that have been very important to home owners over the last year.  Many home owners have strongly considered going through the refinance process because average mortgage rates are near a historical low and this opportunity may not come up again for quite some time; possibly ever.  The problem that Americans are having is that the overall economy is so bad that they do not have the money or the time to invest in going through the refi process.

If a home owner recently lost his or her job, it is highly unlikely that they are going to have the money to pay the costs, no less have the time and energy to sink into researching mortgage rate trends and where the overall housing market is headed.  You can be rest assured that all of their time and energy is being put towards finding a new job or finding a way to make ends meet until that new job comes around.

For those who have had the chance, refinance rates have probable saved them quite a bit of money.  We have all had friends of family members who locked in at an extremely low rate and they could be saving hundreds of dollars on each mortgage payment.  If they timed it out and went through the entire process in March, it is likely that the got one of the lowest interest rates that we have seen in the history of the United States housing market.

Overall, mortgage rate trends have been pointing down, but make sure to lock into a refinance while overall rates are still low.