With the Fed’s noteworthy .75% drop in the Federal Funds Rate, interest rates, which have been hovering around 5.625% for a 30-year fixed rate mortgage, are sure to drop even further.   Although they might not drop another .75%, the very near future is probably going to be an ideal time to refinance any adjustable rate mortgages, high-interest second loans or short-term loans that you’d like to change to longer-term financing to reduce the payments.  

We do NOT counsel refinancing to withdraw cash for any but the most urgent reasons, but we DO suggest that now would be a good time to convert any high interest, short-term or adjustable rate mortgage.  Read more at
http://www.msnbc.msn.com/id/22787803/

Tupper