30-YR FIXED MORTGAGE
15-YR FIXED MORTGAGE
According to recent data from Freddie Mac, the federally-sponsored mortgage lending corporation, the average rate for a 30-year fixed mortgage dropped to a record-low 3.87% in February 2012. Rates for a 15-year fixed mortgage hit bottom in early March at 3.13%. Since then, the numbers have spiked slightly, causing some observers to conclude that rates have finally bottomed out.
If this assessment is true, homeowners with positive loan-to-equity ratios may want to consider refinancing before rates trend higher. In a depressed housing market, the primary attraction in refinancing for most homeowners may be securing a lower interest rate and lower monthly payment rather than extracting equity from the property. Some other homeowners may want to shorten the payoff period on the mortgage, switching to a 15-year loan from a 30-year one. However, in coordination with other aspects of your financial program, refinancing may provide other advantages as well, such as
- Making a greater portion of interest payments
- Improving monthly cash flow
- Allowing more dollars to be directed to other investments
- Consolidating other debt under more favorable terms
If you are considering a refinancing of your mortgage, why not check all the options before you enter into a new mortgage agreement? Discover the ways that low mortgage rates could provide a high-opportunity boost to your overall financial picture.
Joe Capone, LUTCF
Financial Advisor, Park Avenue Securities
OmniMed Financial & Insurance, Owner
140 Kendrick Street, C-1 East, Needham, MA02494
Office: 781-292-3285 / Cell: 781-264-1234 / Fax: 781-449-4462
email@example.com / www.omnimedfinancial.com
Joseph Capone is a Representative and a Financial Advisor of Park Avenue Securities LLC (PAS) and a Financial Representative of The Guardian Life Insurance Company of America, New York, NY. Securities products/services and advisory services offered through PAS, a registered broker-dealer and investment advisor. OmniMed Financial & Insurance is not an affiliate or subsidiary of PAS. Life/Disability/Long Term Care insurance offered through OmniMed Financial & Insurance. OmniMed Financial is not licensed to sell insurance. Neither Guardian, nor its subsidiaries, agents or employees provide tax or legal advice. You should consult your tax or legal advisor regarding your individual situation.
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