ReFi Time: Mortgage Rates Drop On New $800 Billion Intervention

If you’re looking to refinance a home and have cash and good credit, now is a good time to pull the trigger. Yesterday the government announced the latest Federal golden bandaid: a pledge to inject $800 billion directly into the credit markets, news which pushed national average mortgage rates for a 30 year fixed to 5.81%, down from 6.07%, according to bankrate. Bankrate also suggest that if you’re trying to refi to act quickly, before rates rise or home values drop.

Fed, Treasury offer 800 billion dlrs more to credit markets [AFP] (Photo: jenzwick)