The real estate Web site, Zillow.com, reported on the latest release, American homeowners will collectively lose more than $2 trillion in home value by the end of 2008 and they calculated that home values have dropped 8.4% year-over-year during the first three quarters of 2008, compared with the same period of 2007.

News of declining home values for over the past month is informing good news for homeowners and could be the best holiday present for end year. Mortgage rates in US now down dramatically to 5.00% for 30-year fixed loan. These low rates may give an advantage for borrowers and it could be the best choice for you as homeowners who want to refinance your existing mortgages.

You could gain a margin and save enough your money whereas one month ago when the rates was 6.06%, it means your margin is 1.06%. You could save on your pocket when you decide to refinance your existing mortgages.

Mary Miller, Director product of Zillow.com, give an example for on a $200,000 loan with a 30-year fixed rate, the monthly principal and interest payments at today’s rate of 5.00% is $1,073.64, whereas it was $1,206.83 one month ago when the rate was 6.06%. That equates to a savings of $133.09 per month, or $1,598.28 per year.
If you are considering to refinancing your mortgages, now it’s a great time may you taking advantage of these historically low rates. In addition, mortgage marketplace shows the bull market and activities of loan request is more than 70% higher so far this month versus last month.

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