Refi Boom May Be On The Way

Who knew that we'd be seeing a 30 yrs fixed rate loan at 5.00% again?? Well here it is. If only anyone has a job, and decent credit and most of all a little equity, this could be a very Merry Christmas for them. The rates are testing to bottom again and from what all the whispers coming out of the Federal Reserve, looks like they might trim the rates even more, if there will be anything left to trim.

This is a funny business in a very strange market. If anyone has any equity left they could get a great loan if they're refinancing providing that you can prove that you can pay the loan back. Why don't banks that are getting bail outs have to prove that they will be able to repay the tax payers back for the money that they're taking from us. Why are they less accountable than us?? Why are we being held to a higher standard? Why do the CEO's of these banks are not being paid on the performance of the bank and stock price? The bank makes money, the stock goes up, they should get big pay. The bank asks for money, the stocks sinks, they should be paid $1.00 per year or better yet give them a pink slip.

Anyway, with the gas prices dropping and now the interest rates doing the same thing, if you're in the possition to buy or refinance, this could be a great time and make the holidays more joyous.