Interest.....ing.

My first home purchase a few weeks ago seems like forever ago (maybe someday we will get to move in). What seemed to be a very quick and easy deal, that would be finished within the month is now being reworked. But that is a good thing. When the government bailed out Freddie Mac and Fannie Mae on September 7th , interest rates dropped nearly half a percent. Half a percent doesn't sound like much...but it is. That half a percent should chop off nearly $40 a month on the mortgage payment and up to $18,000 over the course of time! I immediately started shopping for a better deal and found plenty of them quickly. The national average rate now is at 5.78%. That is getting close to when the rates hit their lowest point back in 2003. However, the rates are very volitile right now and now with the news of the government asking congress for 700 BILLION DOLLARS :0 rates may go down even lower. Here is a great site to look at current rates and predictions: http://www.mortgagenewsdaily.com/mortgage_rates/.