Homeowners opt to refinance and save.
The reasons to refinance your home, or buy a new one, just keep getting better.
This week, the Federal Reserve announced it will spend up to $300 billion over the next six months to buy long-term government bonds, a new step aimed at lifting the country out of recession by lowering rates on mortgages and other consumer debt. It also left the short-term bank lending rate at a record low of between zero and 0.25 percent.
Those announcements have the phones ringing at local banks with people now locking into rates.
“If you can save a point on your mortgage, it’s time to do it,” said Andrew Siders, president of Vista Bank. “Things are moving.”
The anticipation of lower interest rates, coupled with a better week on the stock market, is raising optimism, Siders said. “As government gets more positive, the consumer is going to get more positive.” Full Story.
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