Today Ben Bernanke spoke regarding the financial markets long and short-term impacts. The “Home Affordable Refinance Program” is going to be released shortly so prepare for this. The main focus from Bernanke is to maintain low interest rates for as long as possible. This allows as many homeowners as possible to take advantage of the historical low rates under the new Refi program. Long-term low interest rates will bring stability to the market and allows homeowners to secure a rate now versus sitting on the fence waiting. CNBC’s Jim Cramer announced anyone who is above 5.5% on their mortgage should refinance today!! Also for homebuyers, mortgage rates should remain stable for all future purchases.

Federal Reserve is committed to injecting more money to purchase Mortgage Bonds. This will stabilize the market allowing rates to settle through the end of the year. Don’t wait as inflation or other variables can possibly increase interest rates over night.