The weekly poll is thinking about refinancing. Go help it make its mind up.

This week’s topic is one I asked about around this time last year and which has been making a lot of headlines the last few weeks: mortgage rates. More specifically, I’m curious about your own home mortgage and what kind of interest rate you have on it. Rates have hit all time historic lows the last few weeks, dipping well below 5% (compared to hovering right at 5% this time last year) and I’ve talked to many people who have secured a sub-5% rate in the last month or so.   Sure, people were getting those kinds of rates on adjustable rate mortgages back in the boom days, but these are 30 year fixed conventional rates. Yeah, that’s pretty awesome.

So what about you? What’s the current interest rate on your home mortgage? Are you one of the lucky few who got in super low or are you shouldering the burden of a much higher rate you can’t get out of? Cast your vote and let me know.

No matter what your interest rate, you can always get the latest info on the Knoxville real estate market  – just sign up to receive regular updates from All Around KTown in a feed reader or by email today!

photo credit: ralphunden

If you’re thinking about buying or refinancing, you might want to go ahead and lock in that rate. Seriously. According to Calculated Risk, the average rate for a 30-year fixed mortgage fell to 4.69% this week. Yowsa!

The weekly poll is thinking about refinancing. Go help it make its mind up.

This week’s topic is about your home mortgage and what kind of interest rate you have on it. Rates are still at near historic lows, hovering right around 5% and most of the buyers I’ve worked with this year have managed to secure at loan below 5.5%. Loan officers are telling me that they are keeping super busy with homeowners who are taking advantage of the current market to refinance out of higher rates they got just a few years ago. Of course, I also talk to people who got adjustable rate mortgages with great intro rates back when the market was swingin’ and ARMS were all the rage. Unfortunately, those low intro rates have now adjusted to 8% or higher. Ouch.

So what about you? What’s the current interest rate on your home mortgage? Are you one of the lucky few who got in super low or are you shouldering the burden of a much higher rate you can’t get out of? Cast your vote and let me know.

No matter what your interest rate, you can always get the latest info on the Knoxville real estate market  – just sign up to receive regular updates from All Around KTown in a feed reader or by email today!

photo credit: ralphunden

I found the article below over at The Phoenix Real Estate Guy, and thought it was a great explanation of what the government takeover of Fannie Mae and Freddie Mac (neither of which should  be confused with my great aunt Ida Mae) could mean for mortgage rates. As the title says, it’s only 265 words long, so why not take 5 minutes and go edumacate yourself?

Explaining What The Government’s Takeover Of Fannie Mae and Freddie Mac Means To Mortgage Rates (In 265 Words)