With the current turmoil in Greece, worries about the ability of the 16 member Eurozone to support the Euro and fears of a double dip recession, capital is moving toward safe havens. These have traditionally been the US Dollar, the bond market & gold. When investors retreat to the bond markets, bond prices go up and interest rates go down.
This has created a perhaps temporary window of opportunity to lock in an extremely favorable interest rate. Valley National Bank (Tulsa) quoted today an interest rate of 4.75% for a 30 yr fixed FHA loan subject to your credit.
The rule of thumb has been that if you can lower your interest rate by 1%, it may be worthwhile to refinance your home. It would also be a great time to purchase a home.
For more information, call Peter Tamura at RE/MAX Executives, 918-770-6999 or Lynn Majors at Valley National Bank, 918-524-3620.
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