The morning after the general election yielded a pleasant surprise for folks looking into refinancing their mortgage. Purchases of mortgage-backed securities skyrocketed. That means interest rates on government mortgage programs have dipped in response. Mortgage interest rates broke new record lows earlier this fall when The Fed announced a long term program to buy mortgage backed securities to help keep mortgage interest rates low. With President Obama winning the election two things happened to help investor confidence: 1) The uncertainty about who the president would be was removed and 2) The threat of Ben Bernanke being fired by Mr. Romney went away. No doubt those uncertainties being settled has bolstered investor confidence in the short run.
What that means for now is mortgage interest rates could be testing new lows over the next several weeks. If you have been considering investigating a refinance (even if you have already refinanced your mortgage in the past) now is a very good time to contact us in the form on the right to get more info and an estimate on the government-backed refinance programs that are available.