Falling Mortgage Rates Make Debt Consolidation More InterestingBy Richard Barrington
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By the end of August, mortgage rates had fallen over five of the preceding six weeks. This sustained trend toward lower mortgage rates increased the possibilities for real savings by using a home equity mortgage as a debt consolidation tool.
Three Reasons for Debt ConsolidationBasically, there are three reasons for consolidating debt into a home equity mortgage:
Current Mortgage TrendThe appeal of lowering the interest rate on debt is the reason the recent downward trend in mortgage rates is so encouraging. By the end of August, mortgage rates had fallen to 6.45%, down from a high of 6.74% earlier this year (those are thirty-year mortgage rates; fifteen-year rates are even lower).
The longer this trend continues, the more opportunities there will be for real savings by consolidating debt into a home equity mortgage. This can be just the cure for the many Americans who have been overwhelmed by debt.
About the Author
Richard Barrington is a freelance writer and novelist who previously spent over twenty years as an investment industry executive.
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