Homeowners Refinance At Lower Mortgage Rates

2009 February 8

February 8 2009 - When California state employee Tim McManus peers into the future, he sees 4.5 percent interest.

“I’m hoping it will go down more. One more drop,” says the Sacramento homeowner with a first mortgage at 6 percent and a second at 7.75 percent.

Sacramento’s Debbie Fernandez has already locked in at 4.875 percent. That will knock $300 a month off payments for a house she bought in Houston in October. The rate then was 6.25 percent.

But Fernandez, a nurse, is still shopping.

“I hope we can do better.”

Roseville, California, tech worker Robert Gage is also waiting for the right moment to refinance.

“I can get 4.5 percent for two points,” he said. “I’m hoping for 4.75 percent with no points. That’s what my goal is.”

As 2009 opens, the “refi” chase is on in neighborhoods across the country.

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