Seattle Mortgage Rates Today, December 5, 2008

Lowest interest rates of the year are back again. PIMCO saying to wait for the long term for rates to hit 4.5%, will that happen. The government announcing a possible loan program with rates as low as 4.5%, BUT it is only for purchases. Why? It is needed to stimulate the real estate market, refinancing homes does not improve the market values of homes. It is clear now for the economy to recover housing and lending will have to stabilize.  HOWEVER it is still a great opportunity as rates are still in a downward pattern. 2009 & 2010 have been benchmarked as the best time to refinance your mortgage to a 30 year fixed because rates will hit historical lows, even below the refinance boom of 2003. Please enjoy the Weekly Recap brought to you by TheMortgageReel.com. Thank you