Posted on 03/05/2020 12:28:52 PM PST by C19fan
Mortgage rates in the United States have fallen to the lowest level ever on the heels of concerns stemming from the coronavirus outbreak.
The 30-year fixed-rate mortgage dropped to 3.29% during the week ending March 5, a major decrease of 16 basis points from the previous week, Freddie Mac FMCC, -2.40% reported Thursday.
Previously, the 30-year fixed-rate mortgage hit an all-time low back in November 2012 in the wake of the recession, when the average rate fell to 3.31%.
(Excerpt) Read more at marketwatch.com ...
I paid my 30 year mortgage off in 2018 after only 16 years, thanks to President Trump’s tax cuts!
This almost makes me want to take out a second mortgage and put it in the stock market to take advantage of the low prices because of the COVID-19 scare.............almost...........
My wife works in the business here in California. She said they have more loans than they can handle. Chances of hiring extra help is almost impossible as people don’t want to change jobs and be the first in line when volume returns to normal levels.
I truly messed up.
I refinanced in 2016 to pay for my wife’s medical bills and dropped our APR to % 3.9.
I did another refinance last year to a %3.15 at 12 years, thinking it would save me money in the long run.
I have a 3.875 apr, 20yr fixed,refinanced in 2016. Just received a letter from my mortgage company offering 3.063apr, 15yr fixed.
I am interested in it but I don’t want to pay all the closing costs again.
Ought I consider it? Are rates gonna slip down another 1/2 point?
Are they asking you to pay refinance charges again? Some offer it without if your credit is good enough and they don’t want to risk you jumping to another company.
http://www.interest.com/debt/calculators/amortization-calculator/
Play with this sort of tool to run the numbers and see if it’s worth it.
Thanks, w/o rolling closing costs into the note, I could see about $11k in interest savings.
Thanks.
I refied my remaining note 30 days ago and missed out on the big drop this last month, but still came out ahead.
I recommend you try to resist the temptation to roll your consumer debt into your mortgage. I put three kids through private school doing that but I won’t pay off my house prior to retirement. I won’t say, “don’t” but just keep it to a minimum. If you can, do 15 instead of 20-30 you’ll be better off.
Best of luck, FRiend
The ten year Treasury yields are signaling something. They have never dropped this low.
I find it strange that no one is talking about this drop, its a historic event.
Todd Schnitt was, yesterday, on his radio show.
{{{2008 fears spreading}}}
Shop around. There are no cost options. I have been following rates on Zillow. You do not have to put in any personal information as with Lending Tree where you start getting bombarded with phone calls. Use a mortgagor calculator to see how much you save on interest per month to see how long it would take to recover the closing costs.
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