Did you just read that right? Current mortgage rates on a 30 year and 15 year fixed rate mortgage are at the lowest level they have been at in 50 years. The Wall Street Journal did a fantastic piece on this opportunity on 06.30.2010. You can read it here.

That represents a major opportunity for everyday folks like you and me to refinance their mortgage.If you are not upside down on your mortgage right now, it is a great time to contact your broker about lowering your rate. As I always recommend, as long as you can keep your closing costs fair and at a minimum, when you can drop your rate by 1.25%, you owe it to yourself and your family to look at refinancing your home.

It also represents a real opportunity for you to purchase a home if you are currently renting. The housing market is still trending down. Couple that with the lower rates and as long as you have some type of down payment, you should be able to name your price on a home. Remember that you need to make sure you find a reputable and honest mortgage broker to work with. When friends and family mention, “I have a guy”, that does not guarantee you will get the best deal. Make sure you do your research every time!