Rates Offer Relief

Homeowners can take a little load off as mortgage rates continue to stay low. According to Freddie Mac, "Half of the borrowers who refinanced loans in the first quarter this year lowered their annual mortgage interest rate by at least 20%"

An economist from Freddie Mac reported that after refinancing, homeowners saved $160 per month on a $200,000 loan as a result of lower mortgage rates.

Obama Welcomes New Lending

President Obama expressed his approval of new lending this week as homeowners visited the White House, he said the government's efforts to drive down interest rates had fueled a surge in refinancing -- putting money into many homeowners' pockets during the current economic crisis.

The one draw back to the new surge in refinances is that most all the refinancing so far involves borrowers with conventional mortgages who are not in serious financial trouble. The president's own programs for helping troubled homeowners are just beginning to get off the ground.

Obama at his meeting also warned against the mortgage refinancing scams that abound.