AMARILLO, TEXAS -- Ever since the housing bubble burst in this country, mortgage rates have continued to drop -- and overnight, they hit a new all-time low.
So, even if you bought or re-financed just a few years ago, would it be worth it to run the numbers again?
Pronews 7 did some checking, and it turns out, you could hundreds of dollars each month.
Getting the best deal with the lowest payback to the bank is the name of the game...and the game keeps changing. Interest rates continue to fall across the nation, down to 3.5 percent on a 30 year note, and around 2.8 percent on a 15 year note.
And since this area wasn't hit as hard as the rest of the nation when it came to the housing bubble, you can still get a great house with the lowest rates ever, according to mortgage specialist, Shawna Bachman with Amarillo National Bank.
"I still can't believe they are where they are and we had a small decrease yesterday and with the economy being where it is and government intervention, these factors into those rates," Bachman said.
When it comes to buying a house, you're actually getting more bank for your buck, literally. The lower rates gives you more leeway in what you can afford as a monthly payment.
"We have more purchase transactions that refinances so it's an excellent time for jumping on the train to get started," Bachman said.
If you're re-financing, now's the best time in decades to run the numbers. Even if you've refinanced within just the last couple years, you could see some real savings.
"And if someone were to refinance today they could save a substantial amount of interest. If you took what your balance is and you refinance, you could save around 30,000 if you were to take it to the end of your term."
Bachman stressed that each case is unique but it never hurts to check and the saving you could realize can be substantial.
"Surprisingly with the interest rates 5 years ago, you could got to a 15 year and your payment would be about the same."
Bachman also told us one important thing you should do to realize real savings when you refinance is that you should expect to stay in your house for at least a couple of years.
