Time to refinance and take advantage of low mortgage rates

In an effort to avoid foreclosures, banks are encouraging hoomeowners to refinance their home loans to take advantage of the historically low rates. Many homeowners held out on refinancing, thus many lenders are rolling out incentives to win their business.

The continued debt crisis in Europe and the depressed U.S. economy is pushing investors to put their money into low risk U.S. Treasuries which in turn pushes mortgage rates even lower, according to Smart Money.

"It's hard to argue rates will get much lower than they are today," Stuart Gabriel, director of the Ziman Center for Real Estate and the University of California, Los Angeles, told the source.

Lenders are offering discounts on refinancing to help homeowners lower their monthly payments without suffering as many associated charges, the source reported.

TopConsumersReviews.com recently awarded its highest five-star rating to Lending Tree for their mortgage refinancing services. Because Lending Tree is run online, consumers can quickly find the best rate depending on their credit score, loan size and loan type from various lenders.

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