Mortgage interest rates are down in the last few weeks.  They even went to a 4 year low.  The day after the Fed lowered the rate the first time they dropped to a four year low for about 4 hours.  Many of the good loan officers took advantage of that and called past clients to tell them the good news.  Many people that have bought homes or had new mortgages in the last 4 years had the opportunity to get a lower rate.

Now is the time to get on a mortgage  person's watch list.  If you are thinking of refinancing your adjustable rate, or bought in the last four years you should be on a watch list.  What I mean by that is many good loan officers keep a "watch list".  A list of clients by rate.  So when rates drop and it makes sense for the clients to refinance the loan officer calls them.

A loan officer sees the rates everyday and see the ups and down of the interest rate.  They could be watching for you.  Then they would call you to lock in your mortgage rate.  You the client then can make the decision whether it is in your best interest to refinance now.  Many times the TV news and papers quote old rates, or "unreal rates"  The papers were quoting the 5.375% the next day, yet it was gone.  Of course the news was blaring "is refinancing in your best interest, or rates are good for refinancing"  Well they may not be good enough for you yet.  The news got customers excited but the best rates were gone.

BUT NOW IS THE TIME to talk to your local mortgage broker or bank.  Go over your scenario, work the numbers, see where you have to be to make it worthwhile.  Be ready for the next dip in rates if it comes.  Get on a watch list with a loan officer you can trust.  If you are in an adjustable rate it may be better to refinance now before your home value drops more!  The bank may not do the loan or you may get into PMI making the refinancing a bad decision.

If you live in Michigan and want to get put on a watch list give me a call on my cell at (313) 310-9855 or email me at info@russravary.com   For more info on mortgages go to my website www.russravary.com   A great site for search on line real estate listings.