Lowest Mortgage Rates Ever - What Should You Do?

By: DEREK KRAVITZ is the AP Business Writer.  He posted an article today outlining a Guide to Mortgage Refinancing that spoke to the current circumstances of record low rates.  Here is a summation:  See the enitre article here.http://washingtonexaminer.com/news/2011/12/guide-mortgage-refinancing-rates-hit-lows/2027651

Rates are lowest ever: 3.91 percent for a 30-year home loan and 3.21 for a 15-year loan.
Rates have been around 4.0 percent for 8 weeks
Low Rates and low housing prices create a perfect storm for buying.
However, refinancing is not increasing.  This is due to

• lack of home equity 
• low credit scores
• no cash to refinance or buy. 

Why should you refinance if you can? If you rate is over 4.5, you can save money.  If it is over 5%, you can save a lot of money.

What are the consequences of refinancing
You pay less interest on their loans and thus end up with more money to spend, save or invest.  A homeowner with a $200,000 mortgage at 6 percent who refinances down to 4.5 percent, saves $3,000 a year.

Read more at the Washington Examiner: http://washingtonexaminer.com/news/2011/12/guide-mortgage-refinancing-rates-hit-lows/2027651#ixzz1hJJj0dEY