Hi All,

The good news in today’s dismal economic picture is that mortgage rates appear to be dropping. National Public Radio carried a story this morning speculating that the Fed is going to cut interests rates yet again (1) and the NY Times is saying that Fannie Mae and Freddy Mac are looking for ways to slash mortgage rates to 4.5% (2).

We certainly aren’t experts, but 4.5% is dirt cheap. The major question at this point is how large the public appetite for inexpensive money will be. Since the economy is the pits, the effect of low interest rates may be muted.

However, if you’ve got cash and want explore refinancing or taking out a mortgage for yourself, here are three good calculators that could help you make the decision:

1) Dinkytown.net

2) Bankrate.com

3) Mortage-Calc.com

Thanks,

James

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