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  1. #1
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    Default Mortgage Rates in the U.S. Decline With 30-Year Loan at 3.98%

    Who's refinancing!!?!?!?

    (Bloomberg) -- U.S. mortgage rates declined, sending long-term borrowing costs to the second-lowest level on record after an unexpected increase in home sales.

    The average rate for a 30-year fixed loan dropped to 3.98 percent in the week ended today from 4 percent, Freddie Mac said in a statement. It reached 3.94 percent last month, the lowest in Freddie Mac records dating to 1971. The average 15-year rate fell to 3.30 percent this week from 3.31 percent, according to the McLean, Virginia-based mortgage-finance company.

    Falling borrowing costs may be bolstering home demand. Purchases of previously owned houses rose last month to a 4.97 million annual rate from September’s 4.9 million pace, the National Association of Realtors said Nov. 21. The median estimate of 75 economists in a Bloomberg survey was for a decline to 4.8 million.

    “Low interest rates have some effect,” Paul Dales, senior U.S. economist at Capital Economics Ltd. in Toronto, said in a telephone interview. “Housing is incredibly affordable at the moment due to the low interest rates and good valuations to be had as well.”

    http://www.businessweek.com/news/201...-at-3-98-.html
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  2. #2
    Atomic Punk Dave's Dreidel's Avatar
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    12.14.17 @ 10:37 AM
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    Default

    If my house wasn't underwater I would.

    But the house I bought for $850K, is now worth about $600K, so I obviously do not have the 20% equity in it to refinance.

    Working on it though, I pay and extra $1K on my mortgage every month, so that should pay down my principal so that if home values go back up maybe I can refi and the rates will still be low.
    Last edited by Dave's Dreidel; 11.23.11 at 08:50 AM.
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  3. #3
    Gird your loins Daisy Hill's Avatar
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    12.14.17 @ 05:44 PM
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    good news for me....I am looking to buy again after selling my house last year

    this rate is much lower than the rate I got in 1996 when I bought my house

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  4. #4
    Sinner's Swing! csm5150's Avatar
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    11.25.14 @ 09:53 PM
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    I didn't play on refinancing. I had a 30 year mortgage w/a decent rate. My only complaint was I paid and paid and my balance never went down. One day I called my mortgage company on an unrelated matter and checked into refinancing. I got a 15 year mortgage with a lower interest rate and paid only $125 more a month. I jumped on that.
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  5. #5
    Damage your reputation seenbad's Avatar
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    11.30.17 @ 06:15 PM
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    I'm underwater too but still looking at a refi.

    If your mortgage belongs to fannie mae or freddy mac, there are options available to those with negative equity that still works out in your favor. It's worth checking out. New program. It'll be .375% above market rate, but still, could be a huge savings to you depending on when you were originally financed or what rate you had on your last refi. If it's .75 to 1 percent more of a difference, it's worth doing.
    Last edited by seenbad; 11.23.11 at 05:33 PM.
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