Even in todays economy, getting refinancing for your home is not hard to do. In fact, many mortgage lenders and banks are offering all sorts of new refinancing options to homeowners in hopes of improving the rate of foreclosures, and to help stimulate the housing market. Now is a great time to refinance a mortgage, and here is why.

Current mortgage interest rates are near their all time lows. While still .5% or so higher than their lowest of the year, a rate of 5.19% is the average interest rate for a 30 year fixed rate mortgage. This is nearly half the interest compared to interest rates just a few years ago. Now though, the market has changed dramatically, and these low interest rates are needed to help the millions of struggling homeowners. The best way to take advantage of these rates is to refinance your mortgage.

Mortgage refinancing has become very popular in the past few months. Between new Government program which make refinancing easier for homeowners in financial problems, or who are already in foreclosure, and extremely low interest rates, all types of homeowners are applying for a mortgage refinance. The benefits to refinancing with the Governments plan or into the low available interest rates are huge, and can potentially save a homeowner hundreds of dollars every month.

Getting and finding a beneficial mortgage refinancing is not that hard to do, even in todays bad economy. Help is available, and mortgage rates are extremely low. This is the perfect environment for struggling homeowners, and those looking to save money, to refinance their home loan.

-M Petrone

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