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President Barack Obama recently urged families to take advantage of near-record low mortgage rates by refinancing their home loans. "We are at a time where people can really take advantage of this," Obama said, seated with a handful of homeowners who have already lowered their bills. But he also warned people to watch out for scam artists, cautioning, "If somebody is asking you for money up front before they help you with your refinancing, it's probably a scam." Rates on 30-year mortgages inched upward this week but remain near the lowest level in decades, allowing borrowers with strong credit and stable jobs to save money if they refinance. The average rate on a 30-year fixed-rate mortgage rose to 4.87 percent this week, up from 4.78 percent last week, Freddie Mac reported Thursday. That was the lowest in the history of the survey, which dates back to 1971. Low rates have sparked a surge in refinancing activity, with nearly 80 percent of new home loan applications coming from borrowers seeking to refinance. Freddie Mac's sibling company, Fannie Mae, refinanced $77 billion in loans last month, nearly double February's volume. "The main message we want to send today is there are 7 to 9 million people across the country who right now could be taking advantage of lower mortgage rates," Obama said in a photo opportunity in the Roosevelt Room. "That is money in their pocket."
By BEN FELLER and ALAN ZIBEL Associated Press Writers
WASHINGTON April 9, 2009 (AP)

Let me know if I can facilitate getting you pre-qualified for a new loan. I have many connections within the mortgage financing industry. Now is the time to make a move with funding available for first time home buyers and incentives for all home buyers. With the interest rates at this historic low and not expected to go much lower, financing OR refinancing is a great way to put more more money in your pocket. Who doesn't want that?