The stock market has dropped almost ten percent over the past thirty days, is it time to consider refinancing?

Are we headed for a full blown recession? The stock market certainly is showing signs of panic in the equity markets as the sharp declines are indicating that investors are pulling their money out at a record pace. The silver lining to the stock market crash is that mortgage rates have also followed suit a and are dropping agressively as well. Fixed mortgage rates are now approaching levels last seen during the summer of 2003, when they touched record lows during the war in Iraq. If you are a homeowner who has equity and may be considering refinancing out of a adjustile rate mortgage, then the stock market collapse will be welcome news to you as mortgage rates trend lower. The other key component of this marketplace is volatility and while rates have dropped sharply, they could just as easily jump back up if their are reports of good economic news. The lesson to be learned is that if you are in the market for a new mortgage, it may be a good time to start comparing mortgage
quotes to be prepared to lock into a loan program should the market start to recover.