I know they continue to talk about lowering prime but a funny thing is happening to 30 year fixed rates (and 15 year, and many other products) - are CLIMBING!! I'll tell you from personal experience just how fast they are moving! I am in the process of refinancing my home (time to take advantage of the lower rates, right?) So I called my favorite lender and said what is the rate - during a week the rates went from 5.3% on Monday to 5.5% on Thursday and by the first of the next week they were at 5.675% - can you believe it!! Rates depend on the product you choose, your equity in the house, down payments, credit scores, etc. There are some loans now advertising rates of over 6% (close to 7%)! If you are thinking of refi-ing or buying - you might want to think about sooner rather than later! The rates might come back down but with this market you just never know!!
If you want to know the latest, up to the second scoop on what the rates are doing - give me a call/email and I'll be glad to help you with that!
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