Whether it's the banks competing, or the prime rate dropping, interest rates are still on the down slope. They have been going down for the past couple years and have been at an all time low for awhile now.
What do you do with this information?
You should take a look at your current mortgage to see what interest rate you're paying. Then you should determine the worth of refinancing your mortgage because you might be able to save a lot of money per month and thousands more over the course of your entire mortgage.
Use a mortgage calculator to figure out how much you will save per month and weigh it against the amount it will cost to refinance. The calculator will show you the difference in your monthly payment which you can compare to your current payment. Then you can figure out how many months it will take to make your money back.
http://www.thefreemortgagecalculator.com/
You can also switch to a fixed rate if you currently have an ARM rate mortgage. Even if you lose a bit of money up front you will guarantee the fixed interest rate over the rest of your mortgage. There's not even a number you can put on the fact that your interest rate could jump from 5% to 10% because a mortgage calculator will show you the incredible difference.
The competition is high right now in this economy so you should take advantage of the deals if you can. This is where the saying holds true "The rich get richer" because they have the money to accept a lot of the deals out there in the real estate market right now.
You can use my free mortgage calculator and check current interest rates on my website.
http://www.thefreemortgagecalculator.com/
Real estate is a very good investment in the long term. It's especially good when interest rates are at an all time low and real estate is down over 30-40%. So act now, if you can, and if you cant then at least try to refinance so you can save money over time.
