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The fed funds rate dropped through 1. 5% to 1% at the end of October because of the fed cut. Since 2003 we haven't seen a lower rate. Over the final two weeks, rates have been going backwards and forwards with the out coming of financial news. All fixed rates and 5-year as well as 1-year arms have dropped from. thirty-one points to. 13 points. With the real estate collapse and drops in rates there's definitely one thing you should bear in mind when looking at the numbers. The 5-year and 1-year arms are something you should avoid at this time. The difference for the 5-yr arm is just about what you will paying for a 30 year set rate. If the rates drop even lower at what we should are seeing you can always refinance from that lower rate. The 1-yr equip may look appeasing initially, however if rates do start to climb, you will be stuck with creating a higher payment, with the only choice of refinancing again. 3 things you need to follow: Research. The more you understand, the better off you will end up being. Do research on mortgage lenders before you begin the process of refinancing. You should think about doing on-line research, asking friends or even family, or phoning and asking questions. They will be willing to assist you to understand the process if they think they will get your business. Know what the present rates are. Know what current rate of interest you are paying on your home loan and what the going rate is actually, so you can determine for yourself what will be beneficial for your pocketbook. Look in the term of the mortgage. It can be a difference of as low as $50. 00 to cut from the 30-year fixed to a 15-year set rate. Prepare. When meeting with a lender to begin the process, have all information available. Take with you, current mortgage, in addition to paperwork given to you from your own initial loan. This will give you and also the lender a better idea of what will be most beneficial for you. Take in bank statements and taxation statements as well. This will get the refinancing process off to some quicker and better start. Anita writes on things you need to know about refinancing home mortgages. You are able to learn more by visiting my weblog, Home Home loan Loans and rateshttp: //loans-and-rates. blogspot. com Anita writes on things you need to know about refinancing home mortgages. You can find out more by visiting my blog, Home Home loans and rates http: //loans-and-rates. blogspot. com View this post on my blog: http://payment.mortgageloanus.org/the-fed-funds-rate-dropped-through-1-5-to-1/