If you bought your home sometime since March and your mortgage is a conforming home loan, you may be able to take advantage of the current mortgage market conditions.

As of Friday, mortgage rates were near their lowest levels of the year.

Of course, not every conforming borrower is eligible. For example, if you bought your home without a downpayment, or if your home has decreased in value since your purchase date, lower rates may be not be available to you.

With the Federal Reserve meeting this week, mortgage rates are not expected to stay low for long. The last time the Fed met in September, it lowered the Fed Funds Rate. Later that day, mortgage rates increased on concerns about the U.S. economy.

The Fed is expected to lower the Fed Funds Rate again after its two-day meeting October 30-31, 2007.

If you haven’t heard from your loan officer about last week’s dip in rates, try contacting him/her directly.

Or, if you’d like the name and contact information of a new loan officer, one that I know and trust, contact me directly anytime.

This entry was posted on Monday, October 29th, 2007 at 1:00 pm and is filed under Cincinnati Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.