What is the direction of Direction of mortgage rates in Texas?

Down...which is why this is the best time for homeowners in the Lone Star State to refinance their mortgages, pay off unsecured debt and enjoy lower payments every month.

Because the economy has been so badly managed for the past seven years, the Federal government now has to scramble to find a way to keep everything from collapsing. As a result, the Federal Reserve (which is not a government agency, but a private corporation that controls the nation's money supply) now has to increase the availability of money by lowering rates yet again. Currently, we're seeing mortgage rates lower than they've been in several years - as low as 5.5% in some cases.

Can your Texas mortgage broker help you? Undoubtedly. Mortgage brokers represent hundreds of companies and loan programs, and are therefore in an excellent position to find the program that can fit your situation the best.

Take advantage of the direction of mortgage rates in Texas and you'll enjoy:

- Lower payments. Credit card companies (not your legislators) wrote laws that allowed them to double minimum payments. They are also legally able to charge interest rates as high as 29%, even for customers who pay their bills every month (it's in the fine print of your credit card agreement). A home equity line of credit has a lower interest rate that will remain the same for the life of the loan - resulting in lower payments.

- A Better Credit Score. High levels of unsecured debt are great news to the credit bureaus, because it gives them another excuse to stick it to the working American by keeping him/her in that "sub-prime" category. When you pay off that unsecured debt, it looks a whole lot better on your credit report - and every retired debt helps.

- Tax Benefits. Before 1982, there was a tax deduction for credit card interest. President Reagan took that away from working people in his tax reforms of 1982. The interest on a home equity loan is usually tax deductible however, meaning substantial savings when April 15th rolls around (consult your tax advisor).

It takes little time to find and contact a Texas mortgage broker and get the process started. The bad news is that nobody really knows how long these low rates will last, so now is the time to take action - especially if you are carrying an adjustable rate mortgage. Those rates have nowhere to go but up. Bail out of that ARM and get the security and stability of a fixed rate mortgage today.

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