August 15th, 2011 12:25 PM by BILL WILBANKS
Many borrowers who were able to jump on what was then a historic rate drop in the last several years haven't awoken yet to the new reality. Rates have plunged even further. So let's say you got that great 5.25% rate on that $200,000 refinance loan anytime in 2008 to 2009 and you got your payment down then by $100 or so or more by doing it. Today we're offering 30 year fixed rates as low as 4.125% zero points to a well qualified borrower with scores of 720 and higher up to 75% LTV and below. That would drop the same payment above by another $100 per month or more. But there are so many examples of higher LTV or lower score options, it's just not possible to mentioned them all in this context. But suffice it to say, many folks can save even more today than they did just 2 and 3 years ago. So yes, the market can ceratinly improve, but interest rates and what lowering yours again if you are qualified can do for your finances, should be high on your ToDo List of things to follow up on very soon.