Mortgage Rates for 11-28-2008

Black Friday Mortgage Rates have been updated.

They have dropped a little bit since Wednesday.   Why?  A couple of things:

1. The stock market is opening softer today.

2. The “ripple” effects of the government’s move to buy mortgages from Fannie and Freddie.

Recommendations:

Lock all loans.   Volatility is continuing.

Recommendations:

If you think you might benefit from refinancing, take the following steps:

1. Do some homework on the value of your house.   Check out www.zillow.com or call your local Realtor.  If you read what I wrote earlier today about Home Values, you’ll see that one of the biggest hurdles in refinancing is what your house is worth.

2. Then call me and we can talk about what options might be available.

Typically the markets are very volatile on a day like today but I think that we’ll see rates stay in this range for at least a day or two to give you time to do some homework on what your house is worth.

Then let’s talk.  Call me at (616) 292-7559.

Tom Vanderwell

November 28, 2008