My rants about mortgage rate
The credit crunch has decreased applications for mortgage loans and made lenders skittish about approving new loans. Many homeowners and would be homeowners think there is no point to applying for a new mortgage loan or trying to refinance an existing mortgage. However, right now might be an excellent time to apply for a new or refinanced mortgage. Why is that? Because the Fed has attempted to stimulate economic growth with a series of rate cuts, leading lenders of mortgage loans to lower their interest rates as well. That can be good news for your pocketbook in the form of a much lower interest rate and its side effects, lower monthly payments and a lower total cost for all mortgage loans.