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Shorter Term Refi’s Will Save Big Money

August 15, 2010

Product Rate +/- Last week
30 yr fixed 4.51% 4.52%
15 yr fixed 3.94% 3.95%
5/1 ARM 3.51% 3.51%

As you may have noticed by looking at the mortgage rates above, the rates get better as the repayment term decreases. This can save you big money in the long run. On average at today’s rates, a borrower refinancing their 6.5 percent loan would save $70,000 over the life of a $200,000 20-year loan vs. a 30-year loan. You should consider this if it is an option for you. Now would be the time…I highly doubt that rates will go much lower. I don’t see how they could. These are all time historic lows for interest rates! Please take advantage of them for your future. I know a couple of great lenders that I can get you in touch with.

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