I have just received notification from Dan Shlufman that the Fed cash infusion just caused 30 yr fixed rate loans to drop to 5.375%. He suggests that those buying or refinancing act fast since this is unprecedented and may go away quickly. If you currently have a rate over 6%, now is the time to refinance. Here is Dan’s offer for TrueGotham readers:
URGENT-HUGE RATE DROP IN INTEREST RATES
Yesterday’s infusion of cash into the banks by the Federal Reserve has resulted in an immediate drop of almost 1% in the interest rate on 30 year fixed rate loans. As of this moment (which may change at any time due to market volatility), interest rates on a loan of up to $417,700 are 5.375%! This is the lowest they have been since 2005 and almost the lowest on record. If you have a loan of this amount or less and a rate of 6% or greater, it makes sense to consider refinancing. As this may not last long, I suggest that people act fast and LOCK the rate. Do NOT wait and see if rates will go lower. Though they might, these huge drops tend to be short-lived and only last a few days.
As a service to True Gotham readers, and to protect the lowest rates, we will offer anyone who does a loan with us a free floatdown if they lock a rate and rates fall by another .25% after they have done so. This is a huge opportunity and the first good economic news in a long time!
You can reach Dan directly at www.fcmc.net or calling 973-574-0900.