4.89 % Refinance Rates in Demand

Low rates again led another round of refinancing activity as refinance applications jumped 30 percent as 30-year fixed mortgage dipped to 4.89 percent, a record low since 1990.

Low rates again led another round of refinancing activity as refinance applications jumped 30 percent as 30 year fixed dipped to 4.89 percent, a record low since 1990. First time home buyers took a huge advantage of low rates on the market with tax rebates as market is flooded with unsold houses. The credit an access of $8,000 was provided by President Barack Obamaâ€™s $275 billion housing stimulus. Take advantage of low refinance rates: http://www.ratetake.com/mortgage-quote.html The stimulus and other government activity aims at providing low borrowing cost, spur refinancing and help to sell foreclosed homes. Other programs from loan modification, low interest rates and state incentives that are directed at current home owners did not provide much needed solutions at this time. Loan modification programs: http://www.ratetake.com/loan-modification/loan-modificat ... The Federal Reserve purchase of mortgage related securities is nearing the half-way mark to help cut mortgage costs and revive housing. This programs should stimulate purchases and help struggling homeowners to refinance. As this continues, many homeowners can take advantage of low refinance rates as 30 year fixed mortgage was 6 percent a year ago.