Skip to comments.Mortgage rates drop to record lows
Posted on 09/15/2011 7:24:37 AM PDT by Free Vulcan
Worries about the European debt markets pushed U.S. Treasury bond yields lower and that helped drive interest rates on fixed-rate mortgages to record lows this week, according to a weekly survey of conforming loan rates released Thursday by Freddie Mac.
The average rate on a 30-year fixed mortgage dropped to 4.09% in the week ending Thursday, down from 4.12% a week ago and 4.37% a year ago.
(Excerpt) Read more at marketwatch.com ...
The rate is so low that the 15 year mortgage should be considered. I just refi’d a few weeks ago for a 15 year loan at 3.37%. I assume it would be less now. At that rate, who cares if there is a mortgage interest deduction on your income taxes. It doesn’t reach the threshold unless you have a lot of other deductions.
Anyone who hasn't refi'd needs to get to their local bank and get it done...
Just in time for my ARM to get its new interest rate.
Woo hoo !
Wish I could, but with a 2nd we have been underwater since 2008. Dropped another 24K this year.
I was thinking of getting a little extra, maybe up to $60,000, to pay off all my credit cards, and to also put a new roof on the house, and put vinyl on the house? My monthly payment would also drop from $1030 to $586. I can also go with a 5-yr mortgage, and my monthly payment would be almost the same as I pay today.
“...Just in time for my ARM to get its new interest rate...”
Mine must adjusted this month to 2.875%
I guess I'm stuck with my old 6% mortgage until I get a job and the housing market "corrects", or until I run out of money and send the house keys to the mortgage company.
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