December 15th, 2008 (Modified on March 6th, 2009)

Should You Refinance Your Mortgage Now?



Be sure to pick up the latest issue of Businessweek Magazine, “Is the Jobs Panic Justified?”, and the read the article “Should You Refinance Your Mortgage Now?“, featuring a Q&A with HSH Vice President Keith Gumbinger.

Mortgage rates have already fallen, should homeowners wait for a new Government program to push rates even lower?

If we crack 5%—which would be a 50-year historic low—and stay there long enough, there are many millions of mortgages that can be refinanced profitably. But the lenders’ staffs are already very thin. If you have a target interest rate in your head, shop around now for a mortgage lender that will hold onto your application so the paperwork is ready to go if rates fall.

How easy is it to refinance now?

Is there relief in sight for borrowers who want to refinance jumbo adjustable-rate mortgages but have been shut out of the market?

Considering so many lenders have gone out of business, how do you work the system to your advantage?

Click here to read the complete interview with the rest of Gumbinger’s answers.

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2 Responses to “Should You Refinance Your Mortgage Now?”

  1. Ts Says: December 16th, 2008 at 10:40 am

    I don’t think the interest rated falling are going help those who need it anyway. Right now to re-finance, which would significantly lower my monthly mortgage rate, is not available to me. You have to have “good credit”, a rating of 721 or better and who has that now? With losing jobs, getting behind on just one bill tanks your credit rating. So once again this incentive helps the rich get richer and the poor get poorer. It only helps those who have good credit, have jobs and are paying their bills on time. Not those teetering on the brink of losing everything.

  2. Tim Manni Says: December 16th, 2008 at 11:37 am


    Your comment came in perfect timing. We just published a story that correlates directly with your concerns. The Federal Reserve’s FOMC meeting today will likely result in the lowering of the Fed Funds rate. But the recent rate reductions have done little to benefit consumers. As you pointed out, there needs to be more programs created for consumers outside of specific parameters. Let’s hope the Fed today hints at some monetary programs that will give imperfect consumers (which we all are) a real chance to get to where we used to be. Unfortunately, not ever Federal initiative can help everyone, but the more they initiate, the more they will help.

    Thanks again for commenting,

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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