This week, for the third straight week in a row, interest rates have dropped.

Keep in mind that generally when you see headlines saying rates have dropped, the loan product is usually a 30 year, or 15 year  fixed mortgage. This doesn’t mean that rates are not lower across the board, but ARM rates generally do not make the headlines.  When you see headlines like this, and you have a loan with a higher interest rate, or a short term (a 3 year ARM, or something like that), you may want to talk to a trusted mortgage professional and weigh your options.

It is also interesting to note that mortgage application volume compared to last year has increased. Additionally, the volume of mortgage applications for new purchases increased this week.   This means that despite the drop in the real estate market, consumers are still looking to finance their property dreams.

Remember, when you have a mortgage, it pays to be prudent, and keep in tune with the mortgage market.    If you are looking to become a property owner soon, be sure to check national websites, and know exactly what the average rates look like.  That way, when you receive a rate quote, you will know if what you are being offered is in line with the marketplace.