About Low Fixed Mortgage Rates

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Fixed mortgage rates can be low in times of economic crisis, so refinancing to get a lower rate or to shorten the term of the loan is best done during slow economic times. Shop around to find a low fixed mortgage rate with advice from an experienced mortgage broker in this free video on personal finance.

Part of the Video Series: Mortgage Information
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Video Transcript

Hi, my name is Matt McKillen with Innovative Financial Group. I've had a question posed to me today about the new, low, fixed mortgage rates. We've seen a record decrease in interest rates in the last few weeks, and a good part of the reason for that is due to the fed trying to stimulate the economy. They've lowered the federal lending rate from bank to bank down to almost zero percent, so banks are borrowing money between zero and one percent from the federal reserve, and, in turn, they're able to pass those savings on in new record low fixed rates to customers. So whether you're thinking about purchasing a home, or a first time home buyer, or if you already own a home and you're thinking you may want to refinance, I do suggest that, even though you're usually just looking to lower your rate when you refinance, you may want to consider also shortening your term to make it even more appealing. But do take advantage of these fixed rates that we have available right now. As I stated before, they're the lowest that I've seen in the twenty one years I've been in the business. Thanks again. My name is Matt with Innovative Financial Group.

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