If you haven’t refinanced in the last few years, now may be a great time to take advantage of the historically low mortgage interest rates.


On September 17, 2015 the FOMC (Federal Open Market Committee) decided to leave the Fed Funds rate unchanged at 0.00% to .25%. The decision is a bit of a surprise given the level of unemployment (5.1%) and inflation. However, citing global economic concerns and a desire to have inflation at or above target (2.0%), the committee decided against a rate hike at this time.

The market will now turn its attention towards December 2015 at the next possible date for the Fed to make a move. Fed Fund futures are now pricing in a 50.4% chance of a rate increase happening.


If you haven’t refinanced lately, now may be a great time to take advantage of low rates.

Since January 2005, 30 Year Fixed Mortgage loan rates have been below 7%; over the last 10 years, we’ve seen a general downward trend in rates. And since a bump up in mid-2013, rates have continued to meander downwards (see chart below).

The benefits of refinancing are:

  • Reduce your interest rate and your monthly payments
  • Shorten your loan term so you can pay off your house sooner
  • Convert an adjustable rate mortgage to a fixed rate mortgage, providing you with the security and regularity of a fixed rate loan

And if you are interested in renovating your home, inside or out, PrimeLending offers great loan products to refinance your current loan and incorporate the renovation costs. This keeps more money in your pocket up front!

Contact me for a free analysis to see if refinancing is right for you.