Government could refinance 30-year home mortgages

NEW CANAAN - The federal government is taking steps that could lower the rate on a 30-year mortgage to just over 4 percent.

Experts say that it is the perfect time for homeowners to trade up on their existing homes and lock in on a fixed rate for the next three decades.

Carrie Luciano, a real estate agent for William Raveis, says that her phone has been ringing off the hook after word has gotten out about the rate reduction.

"It's going to cause stabilization in the marketplace," Luciano says. "It's going to help return the appreciation levels of the homes back to a normal state, and that in turn will cause more homes to be purchased."

While some hope the reduction will increase real estate sales, others believe that this is the perfect time to refinance existing mortgages.

"By lowering interest rates, this will reduce some of their monthly household expenses and free up some cash flow," mortgage expert Ryan Raveis says.

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