Refinance Mortgage
People had been waiting both patiently and impatiently for the Fed's, primarily Greenspan's decision last week on interest rates. Which way do they go, which way do they go George?
There was a strong contingency growing over the past few weeks that rates would go up at least a quarter of a point. The chance of a half-point increase was seen as very infinitesimal.
The other way that they could have gone was nowhere at all. Inflation is still creeping along at a very slow pace. Year over year, as of May, the core inflation rate stood at 1.64 percent. The four-year average is at 1.59 percent -- hardly the rampant inflation some have pointed toward.
The only factor that picked up the last reading was the rapid increases in oil prices, which have since abated. Oil was over $42 a barrel two months ago and is now trading around $35-$36. But in the end they raised by .25 percent.
The question is when is the right time to refinance your home? At this point in time, with the real estate market slowing down and interest rate crawling back up, now is the best time to refinance your home before the mortgage interest rates get back up to a point where it no longer makes sense to refinance.
Refinancing in California
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