Mortgage Rates Begin New Year with Slight Drop

Rates for 30-year home loans inched downward this week, the first decline in a month, but remained above last month's record lows. That's a great piece of news to begin the New Year. If I were a betting man I would wager that interest rates are about as low as they are going to get at this point and will likely begin to trend up as we work out of the recession. If you are considering refinancing or the purchase of a new home, now is a good time to take advantage of these low rates. This coupled with the First Time Home Buyer's grant of $8,000 and $6,500 for move up buyers purchasing a principle residence means it's a great time to make a move.