Some might be wondering with this economic downturn is it time to lock in mortgage rates or get a mortgage. If you have a fixed-rate mortgage at 5.5% interest or higher then you should really consider refinancing your loan and if you don’t have a house yet then now might be the time. If you look at current rates now its about the lowest they will ever be for a while.

Its a great opportunity for refinancing you just have to watch out for things like penaltys on almost all fixed term mortgages. Most charge the greater of 3 months interest. This latter amount is the difference between the interest you would have paid for the remainder of your mortgage term and the amount the bank can earn lending out the money now. Most of the time the amount of the penalty is about the same as the savings to the borrower so it’s not worth it in the end.

We may just see 3.99% rates in the future so with rates that low, everyone who currently is paying 5.5% cent or higher should probably crunch the numbers because there could be thousands of dollars in savings. It may just help you get that new boat you were thinking of or maybe some bullion. One thing is for sure it can’t hurt to take a look in your spare time. In the meantime keep watching Mortgage Interest Rates from all the banks.