The average interest rate for 30 year fixed mortgages came in at 4.01% last week, which is the lowest on record for 30 year mortgages. The last time longer term rates were below that was in 1951 when home loans lasted just 20 - 25 years.

If you are a real estate investor and you have not refinanced your investment properties, then you're missing out on hundreds of extra dollars of income every month.

If you are a traditional homeowner who is yet to refinance and who does not plan on selling in the near future, then do yourself a huge favor and call your mortgage broker. Even a reduction of just 1% in your interest rate will save you thousands in the short term and tens of thousands in the long term. To put it into perspective, a 4.125% interest rate on a 30 year fixed loan amount of $300,000 compared to a 5.125% rate would save you $64,623 over the life of the loan.

And lastly, if you are considering buying a home then understand what an opportunity rates like these are and how much it will improve your financial position as a homeowner. If concerns over the real estate market are keeping you on the sideline, then get to know the actual trends and statistics of the particular market you are interested in. As in, some markets have been performing much more normally… somewhere like Bellevue is doing much better than Renton which is doing much better than Florida. Get to know the local real estate news and not just the national news which differs significantly, then if you still feel like hanging out on the sideline at least you have the pertinent information needed to solidify your position.

Need a recommendation for an excellent mortgage professional? We have a few who have performed admirably for our clientele that we'd be happy to recommend when you contact us.

- Prospera Real Estate's Seattle and Bellevue real estate trends, statistics, news, and blog