In today's volatile market, it's not a surprise to me that the rates keep getting better. However, what surprises me is the fact that I have come across homeowners who are in 7 and 8 percent interest rate that refuses to refinance. With such a competitive market borrowers should not be intimidated to refinance, in fact they should take this opportunity to get the lowest rate and cost possible. The competition is strong, as a result of such borrowers can even demand no cost loan and get it easily providing that they are qualified. I

In conclusion, I would tell all homeowners in a higher interest rate to go for it! Get into a lower rate/payment. Lenders are competing for your business, it's little or no cost to get into a lower rate for qualified borrower. Blog me or email me with all your questions or concerns at kximines@equitymortgagelending.com.